MCX shares jump 5%, Jefferies initiating Buy with ₹3,600 target

Jefferies initiated coverage on Multi Commodity Exchange of India Ltd (MCX) with a Buy rating. The brokerage set a price target of ₹3,600.

This valuation suggests a potential upside of 27%. MCX shares rose 5.16% following the announcement. The stock reached an intraday high of ₹2,993.1 on July 1, 2026.

Jefferies projects revenue to grow at a 20% compound annual growth rate through FY29. Earnings are expected to expand at a 22% compound annual growth rate. Growth drivers include new product launches and increased retail participation in the under-penetrated commodity derivatives market.