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Gold prices rose by 0.18% to Rs 77,909 on October 22, according to MCX data. However, the second quarter of 2024 saw a 6% decline in gold demand, primarily driven by a reduced appetite from the jewellery sector.
MCX's share price reached a record high after UBS raised its target price to Rs 8,000, projecting a 20% upside following strong earnings, with a 38.5% profit increase in Q2. The brokerage anticipates further growth driven by new product launches and increased trading volume, maintaining a 'buy' rating.
UBS has raised its price target for Multi Commodity Exchange (MCX) shares to ₹8,000 from ₹5,000, indicating a potential upside of 21% from recent levels. This follows a significant increase in earnings estimates for FY 2025 and 2026 by 26% and 30%, respectively, as MCX prepares to launch new products to boost growth. The stock has tripled in value over the past year, reflecting strong market performance and a 38% increase in net profit compared to the previous quarter.
Multi Commodity Exchange of India Ltd.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
gold prices rise slightly amid declining demand in jewellery sector
04:48 23.10.2024
mcx share price reaches all-time high following bullish target price revision
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10:38 22.10.2024
ubs raises mcx price target to eight thousand after strong earnings report
05:19 22.10.2024
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