Commodities share price target

We expect commodity prices to exit the unexciting downtrend which had its roots in the Global Financial Crisis' and a commodity reflation cycle to begin in the next few months.

MCXs adjusted 1QFY16 results were below estimates due to sharp increase in other expenses. The company reported a loss as it took a one-time non-cash charge pertaining to its investment in MSEI.

MCXs 4QFY15 results were a mixed bag as revenue missed our estimates while cost control and higher than expected other income lead to a PAT beat.

MCXs 3QFY15 results were ahead of estimates as the companys cost control surprised us positively. The company?s average daily trading volume (ADTV) continues to improve, led by renewed focus on product launches.