The shares of the Indian Energy Exchange, which has a monopoly in its segment, rose as much as 5 per cent till the afternoon on Monday after the company informed its Board of Directors would meet on November 25th to consider and approve a share buyback proposal.
However, in the early hours of Tuesday, the shares were trading 2.3 per cent lower at Rs 141 levels.
Indian Energy Exchange is India’s premier energy marketplace, an automated trading platform for the physical delivery of electricity, renewables, and certificates.
In Q2FY23, the total revenue of the company stood at Rs 95 crore as compared to Rs 110 crore in the same period a year earlier. In the previous quarter, their revenue stood at Rs 98 crore.
In the quarter under review, their net profit stood at Rs 70 crore down from Rs 77 crore in the same period the year earlier. On a sequential basis, their profit grew from Rs 68 crore.
The dividend-paying stock has a dividend yield of 1.38% as of November 21st. So far this year the company has declared an Interim dividend of Re 1 per share in February followed by a final dividend of Re 1 in August.
The monopoly company has a market capitalization of Rs 12,738 crore. Most of the shares are held by the public i.e, 61.53%. The Life Insurance Corporation Of India holds a 2.27% stake in the company.
Written by Anoushka Roy
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