Indian Energy Exchange soars 13% on heavy volume, stock up 21% in four days

IEX on Wednesday, December 8, 2021, announced that its board allotted 599 million equity shares of Re 1 each as fully-paid up bonus equity shares, in the proportion of 2:1 to the eligible members

Shares of Indian Energy Exchange (IEX) moved higher by 13 per cent to Rs 304.05 on the BSE in Friday’s intra-day trade on back of heavy volumes ahead of listing of bonus shares. The stock was trading higher for the fourth straight day, having rallied 21 per cent during the period. The stock hit a 52-week high of Rs 318.40 (adjusted to 2:1 bonus) on October 19, 2021.

At 01:48 pm; the stock was trading 10 per cent higher at Rs 297, as compared to 0.49 per cent decline in the S&P BSE Sensex. A combined 56.6 million equity shares representing 6 per cent of total equity of IEX had changed hands on the NSE and BSE.

IEX on Wednesday, December 8, 2021, announced that it allotted 599 million equity shares of Re 1 each as fully-paid up bonus equity shares, in the proportion of 2:1 to the eligible members.

The stock adjusted to bonus shares on December 3, 2021. IEX had fixed Monday, December 06, 2021 as the "record date", for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus equity shares of the company in the proportion of 2 (two) equity shares for every 1 (one) existing equity share.

In the past three months, IEX has surged 50 per cent, as compared to a 0.42 per cent rise in the S&P BSE Sensex. Moreover, in the past six months, it has rallied 146 per cent as against a 12 per cent gain in the benchmark index. Further, over the past one year, the market price of IEX has zoomed 303 per cent, as compared to a 27 per cent surge in the Sensex.

Meanwhile, electricity trade volume at IEX rose nearly 54 per cent year-on-year in November this year to 9,477 million units (MUs).

"The Indian Energy Exchange realized 9,477 MU cleared volume in November 2021 comprising 6,333 MU in the Conventional Power Market, 457 MU in the Green Power Market and 2687 MU in the Certificate Market comprising ESCerts and REC. Overall, the exchange realised 53.8 per cent YoY growth across all its market segments," an IEX said on December 6, in media release. CLICK HERE FOR FULL RELEASE

IEX is India’s premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy, renewable energy certificates and energy saving certificates. The exchange platform enables efficient price discovery and increases the accessibility and transparency of the power market in India while also enhancing the speed and efficiency of trade execution.