IEX shares snap two-day losing streak, rise over 3%

The stock has soared after losing over 18 per cent in the last two trading sessions after news reports said the Power Ministry has asked the Central Electricity Regulatory Commission (CERC) to introduce the ‘market coupling’ mechanism for spot power trading.

The scrip had recorded a 52-week low on June 9 last week at Rs 116 apiece, image- Pixabay

Shares of Indian Energy Exchange (NSE:IEX) snapped the two-day losing streak and climbed as much as 3.5 per cent on BSE, touching the day’s high of Rs 126.90 apiece. The stock has soared after losing over 18 per cent in the last two trading sessions after news reports said the Power Ministry has asked the Central Electricity Regulatory Commission (CERC) to introduce the ‘market coupling’ mechanism for spot power trading. The scrip had recorded a 52-week low on June 9 last week at Rs 116 apiece.

At the time of filing this report, the scrip was trading over a per cent higher at Rs 124.5 apiece on the BSE.

Brokerages' views

ICICI Direct has given a ‘hold’ call on IEX shares for a target of Rs 165 apiece.

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"IEX is a structural play on volumes shifting from the long-term PPA market to the spot market. The company has been aggressive in launching new products regularly. However, currently, recovery in volumes is underway, and the intensity of recovery is what we would like to track before turning buyers again given entry valuations are still rich," the brokerage said in its Q4 review report.

IEX share price: Past performance

Year to date (YTD), IEX shares have fallen over 12 per cent against the Nifty50’s rise of over 2 per cent. In one month, the shares of the company have slipped over 20 per cent against the benchmark index's rise of over 1 per cent.

About IEX

Indian Energy Exchange is India’s leading energy marketplace, providing a nationwide automated trading platform for the physical delivery of electricity, renewables, and certificates. IEX is approved and regulated by the Central Electricity Regulatory Commission and has been operating since June 27, 2008, as per the company's website. IEX's shares started trading on exchanges (NSE and BSE) in October 2017.

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