Financial Tech a good buy, target Rs 1,370
The company enjoys strong economic moat. Financial Tech businesses lend a healthy competitive advantage and sustainable profitability. Leading market share of multiple Financial Tech exchanges and proven technology credence substantiate its capability of long-term sustenance of its ventures. Forward integration from trading platform to exchanges to complementary ecosystem ventures facilitates a distinctive value proposition to customers.
In our view, MCX has cornered a monopolistic market share in commodity exchanges. Supply of technology platform by its parent, Financial Tech, gives MCX a competitive edge.
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