Shares of this monopoly stock under the ‘small-cap’ category jumped up to 3 percent in Thursday’s trading session after the company released robust Q4 business updates. In the last six months, the company’s stock gained nearly 15 percent for its holders.
With a market capitalization of Rs 13,075.64 crores, the stocks of Indian Energy Exchange Limited (IEX) opened their trading hour on Thursday at Rs 145.15 and currently trade at Rs 145.50. The company’s scrip witnessed an intra-day high price of Rs 147.80 exhibiting a gain of around 3 percent compared to the previous close of Rs 143.90 apiece.
Such bullish movements in the company’s share price are observed after the company, via a recent regulatory filing with the Bombay Stock Exchange (BSE), provided robust business updates as of March 2024.
The company mentioned that it has achieved 110 Bn Units (BU) in FY24, registering a growth of around 14 percent. Electricity volumes were reported at 101.7 BU, increasing 12 percent YoY. Moreover, 75.39 lakh Renewable Energy Certificates (RECs) were traded during FY24 and its traded volume increased around 26 percent.
During the quarter ended March 2024, IEX achieved 30.1 BU volume across all its segments, registering an increase of 15.7 percent. The same comprises 25.9 BU from the ‘conventional power market’ segment,1 BU from the ‘green market’ segment, and 32.48 lakh Renewable Energy Certificates (RECs) (equivalent to 3.2 BU).
During the recent financial quarters, the company’s prime indicators of business, viz, its operating revenues as well as after-tax profits, showed marginal positive movements with the former jumping from Rs 109 crores during Q2FY24 to Rs 115 crores during Q3FY24 and the latter from Rs 83 crores to Rs 89 crores.
As per the latest presentations, the company’s installed capacity stands at 428 GW, out of which the majority contribution is from the thermal segment, followed by the renewable, hydro, and nuclear segments.
Indian Energy Exchange Limited (IEX), the first and largest power exchange in India, is engaged in providing a power trading platform. The company enables efficient price discovery and also offers an opportunity to its participants to trade in a wide range of energy products.
It has a dominant market share of over 98 percent of traded volume in electricity and a diverse base of registered participants totaling more than 6000.
Written by Amit Madnani
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
