Investing.com - Morgan Stanley has upgraded Multi Commodity Exchange of India Ltd (MCX:IN) from Underweight to Equalweight, raising its price target significantly to INR11,135.00 from INR6,710.00.
The upgrade follows substantial growth in average daily trading revenue (ADTR), which increased from Rs51.8 million in the second quarter of fiscal 2026 to Rs94.2 million for the quarter-to-date third quarter (up to December 29). For December 2025 month-to-date, ADTR has reached Rs104.3 million.
Strong price action in gold and silver has driven this growth, with these commodities contributing approximately 55% to ADTR over the past three months, according to Morgan Stanley's analysis.
The investment bank has raised its earnings per share forecasts by 15% for fiscal 2026, 20% for fiscal 2027, and 24% for fiscal 2028. It has also increased ADTR forecasts to Rs68 million for fiscal 2026, Rs75 million for fiscal 2027, and Rs80 million for fiscal 2028.
Morgan Stanley's new price target represents a 2% upside potential and is based on a probability-weighted model that assigns 70% to its base case, 25% to its bull case, and 5% to its bear case, with higher bull case weighting to reflect strong investor sentiment.
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