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Morgan Stanley also expects the MCX stock to trade at a 20 percent discount due to the sluggish relative earnings progression.
Shares of Multi-Commodity Exchange of India Ltd. declined as much as 7 percent on Monday after the company extended its software services contract with 63 Moons, its existing vendor, for a period of six months.
This means that there has been further delay in the implementation of its new platform, which was supposed to be provided by TCS.
MCX had selected TCS in September 2021 as its technology solutions provider for its growth and transformation journey. As part of the plan, TCS would help MCX build a new technology core, transforming its trading as well as post-trade functions.