JEFFERIES ON MCX ; BUY | TARGET ₹4,000

• Options trading remains the key growth driver, contributing 76% of transaction revenues. • Jefferies expects 25% earnings CAGR over the next 3 years, driven by strong revenue growth and margin expansion. • MCX's dominant position in commodity trading supports its growth outlook. • Rising competition and regulatory changes remain key risks.

MULTI COMMODITY EXCHANGE

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