Bernstein initiated coverage on the Multi Commodity Exchange of India (MCX) with an outperform rating.
The brokerage set a price target of Rs 3,830, representing a potential 15% upside.
Analysts attribute the positive outlook to sustained momentum in commodity derivatives trading volumes.
Bernstein expects this growth to drive future earnings upgrades as market participation remains in its early stages.
In contrast, the firm issued an underperform rating for competitor BSE.
Bernstein anticipates a moderation in BSE’s equity derivatives volumes following a period of high growth.