Broker's call: IEX (Buy)

| Updated on April 08, 2021

LKP Securities

IEX (Buy)

Target: ₹424

CMP: ₹351.65

Indian Energy Exchange has surpassed its previous highs with a stellar volume growth of 92 per cent in the month of March 2021. The company has traded 8,249 MUs of power in this month as compared to 4,291 MUs in same period last year.

The growth was mainly led by higher volumes in the Day ahead market (DAM) registering a growth of about 65 per cent y-o-y followed by incremental volumes from Real time Market.

IEX has ended the year with the highest ever yearly electricity volume of 73,941 MUs achieving 37 per cent YoY growth despite the lock-downs in the first two quarters of this fiscal affecting the power demand. During the year, IEX has introduced several new products to better serve its customers such as RTM and various products under the Green Market which contributed around 14 per cent to the total volume traded.

IEX also has few more products in the pipeline which will further provide incremental volumes going forward. Also during the year, IEX’s newly launched gas exchange IGX, has been able to secure strategic partnerships to provide a vibrant gas market platform for accelerating gas consumption in the country thereby helping towards achieving national sustainable energy aspirations.

Published on April 09, 2021

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