Edelweiss has given buy rating to Indian Energy Exchange with a target price of Rs 220. The share price moved down by 0.44 per cent from its previous close of Rs 206.25. The stock’s last traded price is Rs 205.35.
Indian Energy Exchange Ltd., incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 6205.31 Crore) operating in Financial Services sector.
For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 67.88 Crore, down 2.25 % from last quarter Sales of Rs 69.44 Crore and up 12.10 % from last year same quarter Sales of Rs 60.55 Crore. The Company reported net profit after tax of Rs 42.09 Crore in latest quarter.
With significant market deepening (power and gas) on cards, IEX’s volume is set to clock 15% CAGR over the next two-three years. The brokerage awaits clarity on implementation of market coupling–a key monitorable. We maintain ‘BUY’ with TP of INR220. It is yet to factor derivative volumes and gas valuations in the estimates.
Promoters held 0 per cent stake in the company as of March 31, 2020, while FIIs held 31.99 per cent, DIIs 44.11 and public and others 23.90 per cent.
Credit: Stocks-Markets-Economic Times