Shares of Indian Energy Exchange Ltd (IEX) rose nearly 5% during Monday’s morning trade on the back of the news that the board will consider a buyback proposal on November 25.
The company informed the bourses about the buyback of fully paid-up equity shares through an exchange filing on on November 18.
The stock price underperformed its sector by 50.94% in the past year, and the stock has fallen 52.30% from 52-week high of 303.8.
The company’s shares are trading 2.5% above 30-day moving averages, and nearly 6% below 100-day moving averages.
“Consistency trending lower this year (down 43% this year so far), recent recovery needs decisive breakthrough above 150 to gain required momentum on upside...as long as it remains below 150, consolidation is possible within 135-150 range,” said Amit Trivedi, market analyst, assistant vice president - technical and derivatives research at Yes Securities.
According to PTI report, the total trade volume of Indian Energy Exchange dipped 13% to 7,972 million units in October compared to a year ago.
As per IEX release, the Indian Energy Exchange traded 7,972 million units in October 2022, including 358 million units of RECs and 403 million units of green power.
"The total volume on the Exchange in October'22 was lower by 13% on year basis due to high volume base of last year, and lower by 2% on month-on-month basis due to reduced REC (Renewable Energy Certificate) trading," it stated.
According to NSE, a company may buy-back its shares or other specified securities by anyone of the following methods:
- From the existing shares or other specified security-holders on a proportionate basis through the tender offer;
- From the open market through— book-building process, stock exchange;
- From odd-lot holders: Provided that no offer of buy-back for fifteen percent or more of the paid-up capital and free reserves of the company shall be made from the open market.
According to a MintGenie poll, 12 analyst has a ‘sell’ call on the stock.
