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Multi Commodity Exchange or MCX is one of the stocks in the Rakesh Jhunjhunwala portfolio in which Big Bull increased its stake in the March 2021 quarter. Based on the MCX stock ownership model available with ESB, Rakesh Jhunjhunwala’s stake in MCX represents 4.90% of MCX’s net shares, which stood at 3.92% in the December 2020 quarter. Asked about the possible reason why “Warren Buffett of India” increased its stake in the company, experts stockholders said the company almost has a monopoly on commodity trading business with stable revenue prospects. They said that due to the positive monsoon forecast, trade in agricultural products is expected to soar, which is good for the company’s income generation in the future. They advised stock market investors to buy MCX shares at the current market price for the target up to ??1,600.
Participation of Rakesh Jhunjhunwala in MCX
According to the MCX shareholding model available with the Indian Stock Exchange, Rakesh Jhunjhunwala bought 5 lakh MCX shares between January and March, which means that Rakesh Jhunjhunwala’s stake in the company is now 25 lakh, or 4.90 percent of the company’s net shares. In the December 2020 quarter, Rakesh Jhunjhunwala’s stake in MCX was 20 lakh, or 3.92% of the company’s net shares.
Speaking on the strong fundamentals that will help MCX share prices rise again, Avinash Gorakshkar, Head of Research at Profitmart Securities, said: “MCX has a stable business model with a near monopoly in trading. raw material. Apart from this, the positive monsoon forecast is will further contribute to the recovery in MCX shares, as more trading income in agricultural commodities can be expected in the future. “
Sharing the important levels when it comes to MCX stocks, Mudit Goel, Senior Research Analyst at SMC, said: “MCX is highly recommended for buying at current levels for the immediate target of ??1 560. We can hold the counter for the next target of ??1,600 as well. However, keep the stop loss at ??1,455 by taking a buy position at the box office. “
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