IEX hits record high; rises 17% in two days

Indian Energy Exchange (IEX) jumped 5.8% to Rs 508.20, rising for the second trading session.

Shares of IEX have rallied 17.1% in two trading sessions from its previous closing low of Rs 433.95 on 27 August 2021. The stock hit a record high of Rs 521.55 in intraday today. The stock has rallied 180.7% from its 52-week low of Rs 181 hit on 4 November 2020.

On the BSE, 9.16 lakh shares were traded in the counter so far compared with average daily volumes of 2.77 lakh shares in the past two weeks. The stock had outperformed the market over the past one month, up 11.50% compared with 8.18% rise in the Sensex.

The stock got into action following its inclusion in the NSE's futures & options segment from 27 August 2021. The current lot size for IEX F&O contract is 1,250 units.

On the technical front, the stock's RSI (relative strength index) stood at 78.872. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 412.05 and 389.27 respectively. These levels will act as crucial support zones in near term.

IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, Renewable Energy Certificates (RECs) and ESCerts (Energy Saving Certificates). On a consolidated basis, IEX reported 47.5% jump in net profit to Rs 62.10 crore on 34.1% rise in net sales to Rs 91.03 crore in Q1 FY22 over Q1 FY21.

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