Indian Energy Exchange gains 20 percent on bonus share plan
Published On: Tuesday, October 19, 2021 | By: Team KnowMyStock
Indian Energy Exchange (IEX) gained 20% to a record high of Rs 956.15 on Tuesday, after the energy trading platform said it would consider a bonus issue of shares on october 21st.Increased economic activity after the second wave of the coronavirus has resulted in a shortage in coal supply and driven up electricity demand, proving a boon for New Delhi-based IEX which controls 95% of the power exchange market.The company board will consider and approve the unaudited financial results for the quarter and half year ended September 30, 2021 on Thursday. IEX is the premier electricity exchange in India, which facilitates electricity trade. IEX commands a market share of around 95% in the power exchange market. The stock has surged surged around 160% in the past six months whereas it has delivered multibagger return of over 315% in 2021 (year-to-date) so far.
"Over the next decade, with India increasingly looking at EV and big companies like Tata Power focusing in that area, the demand for energy is going to rise, and IEX is rightly placed for this kind of outlook," said Gaurav Garg, head of research at CapitalVia Global Research.
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
