ICICI Direct has given Buy recommendation for Indian Energy Exchange recommended buy rating on the stock with a target price of Rs 305 in its research rep with a target price of Rs. 305 in its research report issued on Jan 25, 2022

ICICI Direct’s research report on Indian Energy Exchange

Indian Energy Exchange (IEX) is the premier electricity exchange in India, which facilitates trading of electricity. IEX commands a market share of ~95% in the power exchange market • The company has a debt free balance sheet with cash & investments to the tune of ~ Rs 700 crore.

Outlook

We continue to remain positive and retain our BUY rating on the stock. We value IEX at Rs 30 5 i.e. 57x P/E on FY24E EPS.

More Info on Trent

At 17:30 Indian Energy Exchange was quoting at Rs 232.60, up Rs 2.30, or 1.00 percent.

It has touched an intraday high of Rs 238.00 and an intraday low of Rs 230.50.

It was trading with volumes of 586,784 shares, compared to its thirty day average of 946,920 shares, a decrease of -38.03 percent.

In the previous trading session, the share closed down 3.58 percent or Rs 8.55 at Rs 230.30.

The share touched its 52-week high Rs 318.72 and 52-week low Rs 79.08 on 19 October, 2021 and 28 January, 2021, respectively.

Currently, it is trading 27.02 percent below its 52-week high and 194.13 percent above its 52-week low.

Market capitalisation stands at Rs 20,903.05 crore.

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