Financial Technologies - Incubating success - Motilal Oswal

Potential to create multiple MCXs; Buy

- FTECH is a unique play on end-to-end presence in the ecosystem of stock exchanges. Its presence across the chain enables it to offer a distinctive value proposition.

- Leading market shares of multiple FTECH's exchanges and its proven technology credence substantiate its capability of long-term sustenance across multiple exchanges.

- Every FTECH exchange bears the potential of replicating MCX's success.

- We recommend Buy, with SOTP-based target price of INR1,370 (27% upside). Three upside triggers in near-term: [1] FCRA bill, [2] IEX stake sale, and [3] MCX-SX volumes.

Source : Equity Bulls

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