January 17, 2018 / 4:19 AM / 7 months ago

BUZZ-Multi Commodity Exchange of India hits near 21-mth low on weak Q3

** Multi Commodity Exchange of India Ltd slides as much as 5.8 pct to 844.25 rupees - lowest since April 21, 2016

** Co said on Tuesday its Dec-qtr consol net profit dropped 45 pct to 187.7 million rupees ($2.94 million)

** Trading volumes were weak and fall in profit was driven by lower investment income owing to a sharp rise in bond yields during qtr - Morgan Stanley

** There could be medium-term overhang from markets regulator SEBI announcing universal exchange guidelines and thereby equity exchanges entering commodity derivatives - analysts say

** Sluggish trend in trading volumes, muted near-term earnings outlook, overhang from reports of Kotak Bank looking to sell stake in co supports brokerage’s ‘equalweight’ rating on stock - Morgan Stanley adds; target price at 1,100 rupees

** Median PT is 1,310 rupees - Thomson Reuters Eikon data

** Up to Tuesday’s close, stock had fallen 24.5 pct in the last 12 months ($1 = 63.8775 Indian rupees)

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