MCX Q4 Review - Near-Term Blip; Long-Term Opportunities Intact: Motilal Oswal
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Motilal Oswal Report
Multi Commodity Exchange of India Ltd.'s Q4 FY21 saw further normalisation in bullion volumes, largely driven by 11%/15% sequential decline in gold/silver volumes.
This was partially offset by a 56% sequential increase in crude volumes on the reversal of the higher margin requirements imposed earlier.
Overall average daily turnover dipped 3% QoQ, leading to 4% sequential decline in revenue.
The impact on volumes during the quarter was the result of the second phase of implementation of new margin rules (50% of peak margin requirement) from March 01.
March volumes fell 16% month-on-month as the number of retail participants declined.
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