SP Tulsian bullish on MCX India, may test Rs 650-675

SP Tulsian of sptulsian.com has a bullish view on Multi Commodity Exchange of India. He expects the stock to test Rs 650-675 within next one month.

SP Tulsian of sptulsian.com told CNBC-TV18, " Multi Commodity Exchange of India will not fall below Rs 500 because in valuations, marketcap is 3,000 crore. If one knocks off Rs 1,000 crore which is practically its entire net worth which is kept as a cash and cash equivalent, one gets the company at Rs 2,000 crore. In NCDEX, the valuation has happened at Rs 900 crore and there is no comparison between both of them, but everything has been hinging on the 24 percent stake sale held by Financial Technologies ."

He further added, "Again people are talking that stake sale of 24 percent held by Financial Technologies is likely to happen in next one month. The market is expecting the sale to happen at Rs 800-850 a share. There will be aggressive interest in the company for acquiring 24 percent stake and that seems to be the precursor for the upmove which we have seen."

"So, I won't be surprised to see a price of Rs 650-675 within next one month, but I am holding very bullish view on the stock even from 6-12 months point of view," Tulsian said.

Also Read: CBI may submit prelim report on MCX-SX probe within a week

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