Shares of Indian Energy Exchange Ltd (IEX) approached their 52-week high in late morning deals on Monday amid Sensex and Nifty touching record highs for the second consecutive session. IEX stock climbed 6.68% to Rs 188.40 on Monday against the previous close of Rs 176.60 on BSE. The stock of the energy bourse hit a 52-week high of Rs 191.30 on July 2, 2024 and a 52 week low of Rs 119.90 on July 28, 2023. IEX shares have gained 39% from their 52 week low.
Market cap of firm rose to Rs 16,850 crore on BSE.
Total 33.46 lakh shares of the firm changed hands amounting to a turnover of Rs 50.75 crore on BSE. Market cap of the firm fell to Rs 13,232.91 crore.
In terms of technicals, the relative strength index (RSI) of IEX stands at 52.3, signaling it's trading neither in the overbought nor in the oversold zone. The stock has a beta of 1.3, indicating high volatility in a year. IEX shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Brokerage Bernstein has an underperform call with a target of Rs 110.
"The company had a strong quarter & Run-Rate for July seems to indicate an over 25% volume growth. With abundant domestic coal availability un-requisitioned power & renewable plants trying To leverage infirm Power,"it said. The brokerage is of the view that near-term tailwinds are supportive for volumes on the regulatory front.
Nuvama has a reduce call on the stock with a 12-month price target of Rs 150.
"IEX's reported Q1FY25 operating results are in line with volume growth (+21% YoY), though PAT beat at Rs 964 million (+27% YoY) is driven by IGX profit (+120% YoY to Rs 3.6 million ) and other income (+33% YoY). We bake in volume growth of 17% in FY24–26E/FY24–30E at 16% (earlier 14%) with higher REC plus other income, and yet find limited upside. Retain ‘REDUCE’ with DCF-based price target of Rs 150 (earlier Rs 119)," said Nuvama.
IEX reported an over 27 per cent rise in consolidated net profit to Rs 96.44 crore for the June 2024 quarter on the back of higher revenues. The firm logged a consolidated net profit of Rs 75.82 crore in the quarter ended on June 30. Total income climbed to Rs 154.47 crore during the June 2024 quarter from Rs 127.36 crore in the same period a year ago.
During the quarter, the IEX recorded a total trading volume of 30.4 BUs (billion units), an increase from 25.1 BUs in Q1FY24, marking a growth of 21.1 per cent YoY (year-on-year).