Multi Commodity exchange or MCX is one of the Rakesh Jhunjhunwala portfolio shares in which the Big Bull increased stake in the March 2021 quarter. According to the MCX shareholding pattern available with the BSE, Rakesh Jhunjhunwala holding in MCX is at 4.90 per cent of net MCX stocks, which stood at 3.92 per cent in the December 2020 quarter. Asked about the possible reason for 'Warren Buffett of India' increasing his stake in the company, stock market experts said that company has almost monopoly in commodity trading business with stable revenue outlook. They said that due to the positive monsoon forecast, trading in agriculture commodities is expected skyrocket, which is good for company’s revenue generation in future. They advised stock market investors to buy MCX shares at current market price for the target up to ₹1,600.
Rakesh Jhunjhunwala share holding in MCX
As per the MCX shareholding pattern available with Indian exchange, Rakesh Jhunjhunwala has bought 5 lakh MCX shares in January to March quarter that means Rakesh Jhunjhunwala holding in the company is now at 25 lakh, which is 4.90 per cent of the net company shares. In the December 2020 quarter, Rakesh Jhunjhunwala share holding in MCX was at 20 lakh, which was 3.92 per cent of the net company shares.
Speaking on the strong fundamentals that are going to aid MCX share price rally Avinash Gorakshkar, Head of Research at Profitmart Securities said, "MCX has a stable business model with almost monopoly in commodity business trade business. Apart from this, the positive monsoon forecast is further going to help MCX share rally as more trading revenue in the agriculture commodities can be expected in future."
Sharing the important levels in regard to MCX shares Mudit Goel, Senior Research Analyst at SMC said, "MCX is strongly recommended for buy at current levels for the immediate target of ₹1,560. One can hold the counter for next target of ₹1,600 as well. However, one must maintain the stop loss at ₹1,455 while taking buy position in the counter."
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