Indian Energy Exchange Jump Nearly 6% After Share Buyback Announcement

Indian Energy Exchange shares jumped more than 4% and could move further above the 200-day SMA.

Shares of the Indian Energy Exchange rose 5.8% on Wednesday, March 15, after the company notified through an official filing that it had acquired 122,600 shares at Rs 143.07 each through a buyback.

In Wednesday’s trade, the stock opened at Rs 147.20 per share, from a previous close of Rs 145.30 per share, and rose further in early trade, touching an intraday high of Rs 153.80. It was trading at Rs 152.90 on the NSE at 12:05 pm, up 5.23%.

The stock hit a 52-week high of Rs 251.50 on April 7, 2022, and a 52-week low of Rs 129.25 on December 26, 2022, suggesting that at current levels, the stock is trading at a lower price than its 52-week. It was more than 18% higher and 39% lower than its 52-week high.

The stock has gained nearly 14.25% in the past month. Over the past six months, it has fallen by almost 6%. The stock has generated a positive return of more than 207% over the past five years.

The buyback follows a repurchase two weeks ago when IEX acquired 3,13,350 shares.

In February 2023, the electricity consumption of the exchange was 7,673 MU, a decrease of 6% year-on-year and a decrease of 7% month-on-month, resulting in a 7% year-on-year decrease in total electricity consumption. This is due to fewer trading days compared to the previous month.

Indian Energy Exchange reported a 4.2% drop in its consolidated net profit for October-December. According to a regulatory filing, IEX posted a consolidated net profit of Rs 77.21 crore in the fourth quarter of last year, compared to Rs 80.73 crore a year earlier.

Indian Energy Exchange Ltd has a market capitalization of Rs 13,057.67 crore. The company is one of China’s largest power trading platforms, providing services such as power trading, energy derivatives trading, and renewable energy trading.

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