Indian Energy Exchange share price extended gains to fourth session as it reported a increase in trade volume of electricity in November. The company reported that its electricity trade volume advanced 17.7% on the year to 11,409 million units in November.
The real-time electricity market volume rose 40.2% to 4,233 million units in the previous month, Indian Energy Exchange said in an exchange filing on Wednesday.
The company reported that the day-ahead market volume is nearly flat year on year at 5,668 million units in November.
Average real-time electricity market price declined 9.2% on the year to Rs 3.14 per unit. The average day-ahead market price fell 6.9% on the year to Rs 3.07 per unit, according to the exchange filing.
"The stock is forming some sort of bottoming-up formation. At these levels, the stocks usually experience profit taking or liquidation pressure. It is better to stay away from the stock in the time being," said Shrikant Chouhan, head, equity research, Kotak Securities.
Indian Energy Exchange share price gained 7.06% in four sessions. On Thursday, the scrip rose as much as 1.93% to Rs 151.76 apiece. It pared some gains to trade 0.19% higher at Rs 149.19 apiece as of 10:42 a.m.
Indian Energy Exchange share price declined 17.92% on a year to date basis. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 66.01.
Out of 13 analysts tracking the company, four maintain a 'buy' rating, three recommend a 'hold' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 0.5%.
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