IEX rises after board approves setting up of gas exchange

Indian Energy Exchange rose 1.91% to Rs 123 after the company said its board has approved a proposal to create a subsidiary for setting up an exchange for trading of gas.

Indian Energy Exchange (IEX) said its board approved the incorporation of a wholly owned subsidiary company in India to undertake the business of developing a gas exchange for transacting, clearing and settling trades in various types of gas based contracts including all other forms/types of energy, with an initial investment upto Rs 10 crores in the form of subscribed and paid-up capital. The announcement was made after market hours yesterday, 19 September 2019.

On BSE, 10,000 shares were traded in IEX counter, compared to a 2-week average of 25.11 lakh shares. The stock hit an intraday high of Rs 123.20 and an intraday low of Rs 121.

It hit a 52-week high of Rs 178 on 9 November 2018 and a 52-week low of Rs 112 on 13 September 2019.

IEX's net profit fell 5.5% to Rs 39.59 crore on a 6.1% decline in total income to Rs 69.66 crore in Q1 June 2019 compared with Q1 June 2018.

IEX offers an electronic platform for the trading of electricity products. Its products include Day-Ahead-Market (DAM) electricity contracts, Term-Ahead-Market (TAM) electricity contract, Renewable Energy Certificates (REC) and Energy Saving Certificates.

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