MCX shares tank over 8% on posting net loss in Q3
Net loss came at Rs 5.3 crore in the December quarter of FY24 against Rs 39 crore profit in the year-ago period. Meanwhile, on a sequential basis, net loss narrowed from Rs 19.07 crore in the preceding September 2023 quarter.
However, its revenue from operations Q3 surged 33% to Rs 191.5 crore compared to Rs 143.6 crore in the same period last year.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) loss in the December quarter stood at Rs 19.8 crore compared to EBITDA of Rs 32.7 crore in the corresponding period last year mainly on account of payment made to technology vendor and contribution to SGF.
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At 11:24 am, the scrip was trading 8.1% lower at Rs 3,520 on BSE. However, the stock has delivered multibagger returns, and it has rallied over 120% in the last six months, and nearly 150% in the past one year.
As per Trendlyne data, the average target price of the stock is Rs 2,807, which shows a downside of 20% from the current market prices. The consensus recommendation from 7 analysts for the stock is a 'Hold'.
The stock is in the overbought zone as its Relative Strength Index (RSI) stood at 71.4. The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 131.2, which is above its center and signal Line, this is a bullish indicator.
MCX is currently trading above its 20-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMAs). The stock has been relatively low on the
