IEX Share Price Jumps 12% After Q1 Profit Rises
Indian Energy Exchange rebounded from Thursday's sharp losses. However, full recovery is awaited.
Indian Energy Exchange Ltd. share price hit a 10% upper circuit in Friday's session as it reported a decent increase in its net profit. The company's consolidated net profit advanced 25% on the year to Rs 121 crore from Rs 96.4 crore.
Indian Energy Exchange's revenue advanced 14.7% year-on-year to Rs 142 crore from Rs 124 crore. Its Ebitda advanced 16.1% on the year to Rs 115 crore. Its profit margin increased 90 basis points year-on-year to 81.3%.
In Thursday's session, Indian Energy Exchange Ltd. hit an all-time low, declining over 26% to Rs 139.02 apiece. The stock price crashed as the Central Electricity Regulatory Commission approveda phased rollout of market coupling across India's power exchanges, starting with a three-month pilot run. The regulatory move is expected to hurt the company's pricing power.
Indian Energy Exchange share price advanced 12.91% to Rs 149.40 apiece. The stock price was trading 11.35% higher at Rs 147.37 apiece as of 9:48 a.m., as compared to a 0.57% decline in the NSE Nifty 50 index.
The stock declined 16.33% in 12 months and 20.48% on a year-to-date basis. Total traded volume so far in the day stood at 37 times its 30-day average. The relative strength index was at 22.15.
Out of 13 analysts tracking the company, seven maintain a 'buy' rating, three recommend a 'hold,' and three suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 37.8%.
