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IEX shares hit 52-week high today, more upside ahead?

IEX shares hit 52-week high today, more upside ahead?

IEX stock climbed to Rs 230.10 on Thursday against the previous close of Rs 228.05 on BSE. The stock of the energy bourse fell to a 52 week low of Rs 121.30 on October 26, 2023.

Aseem Thapliyal
Aseem Thapliyal
  • Updated Sep 19, 2024 4:08 PM IST
IEX shares hit 52-week high today, more upside ahead? 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. 

Shares of Indian Energy Exchange Ltd (IEX) hit a fresh 52 week high on Thursday amid benchmark indices Sensex and Nifty scaling  fresh highs.IEX stock climbed to Rs 230.10 on Thursday against the previous close of Rs 228.05 on BSE. The stock of the energy bourse fell to a 52 week low of Rs 121.30 on October 26, 2023. 

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Later, the stock shed gains to close 1.27% lower at Rs 225.17. 

Market cap of firm stood at Rs 20,233 crore on BSE.Total 4.73 lakh shares of the firm changed hands amounting to a turnover of Rs 10.69 crore on BSE. 

In terms of technicals, the relative strength index (RSI) of IEX stands at 77.1, signaling it's trading in the overbought zone. The stock has a beta of 1.4, 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 firm Antique Stock Broking has a 'Buy' call on IEX.It has revised its price target to Rs 262 from Rs 219 earlier.

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The brokerage has lifted its FY25, FY26, and FY27 earnings per share (EPS) estimates by 5%, 6%, and 7%, respectively, and raised the valuation multiples to 45 times from 40 times.

It sees lesser risk to the firm from market coupling mechanism. 

The potential risks associated with market coupling could reduce in time to come due to practical challenges in its implementation and the lack of significant benefits observed so far, the brokerage said.

Global brokerage UBS has a price target of Rs 260 on the IEX stock. It sees shifting market momentum with RTM and green products as key drivers for the firm.

Renewable Energy Certificates trading and long durations are seen as major growth prospects.

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"While market coupling overhang has not completely ceased, believe likelihood of its implementation is low CERC, through a suo-motu order, directed Grid India to develop a software and run simulations, but no progress has been made," said UBS.

IEX clocked an over 27 per cent increase in consolidated net profit to Rs 96.44 crore in the June 2024 quarter on the back of higher revenues. The firm reported a consolidated net profit of Rs 75.82 crore in the quarter ended on June 30. Total income rose to Rs 154.47 crore during the June 2024 quarter from Rs 127.36 crore in the same period a year ago.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Sep 19, 2024 4:09 PM IST
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