Shares of Indian Energy Exchange rose 5.8 percent on Wednesday, March 15, after the company informed through an official filing that it has acquired 1,22,600 shares via buyback for ₹143.07 per unit.
During Wednesday’s trade, the stock opened at a price of Rs. 147.20 per share against the previous close of Rs. 145.30 per share and grew further during the early trading session to touch an intraday high of Rs. 153.80. It was trading at ₹152.90, up by 5.23 percent, at 12:05 p.m. on the NSE.
The stock touched a 52-week high of Rs. 251.50 on April 07, 2022 and a 52-week low of Rs. 129.25 on December 26, 2022, indicating that at the current level, the stock is trading over 18 percent above its 52-week low and 39 percent below its 52-week high.
The stock has grown nearly 14.25 percent in the last one month. However, in the past six months, it has declined by almost 6 percent. The stock yielded a positive return of over 207 percent in the last five years.
This buyback follows one undertaken two weeks earlier, when IEX had acquired 3,13,350 shares.
The electricity volume on the Exchange in February 2023 at 7673 MU registered a 6% decline on a year-on-year (YoY) basis and 7% fall on MoM basis, resulting in overall volume degrowth of 7% YoY. This was attributed to fewer trading days in comparison to the preceding month.
The Indian Energy Exchange reported a 4.2% decline in its consolidated net profit for the October-December quarter. According to a regulatory filing, IEX’s consolidated net profit stood at ₹77.21 crore in the December quarter compared to ₹80.73 crore in the same period last year.
Indian Energy Exchange Ltd. has a market capitalization of ₹13,057.67 crore. The company is one of the largest power exchange platforms in the country and provides services such as electricity trading, energy derivatives trading, renewables trading, etc.