Indian Energy Exchange gains after board approves buyback

Indian Energy Exchange rose 0.33% to Rs 166.70 at 15:06 IST on BSE after the company's board approved buyback of up to 37.29 lakh shares or 1.23% equity shares at a maximum price of Rs 185 per share.

The total size of buyback is Rs 69 crore, the company said. The announcement was made during trading hours today, 20 December 2018.

Meanwhile, the S&P BSE Sensex was down 101.76 points, or 0.28% to 36,382.57.

On the BSE, 79,000 shares were traded in the counter so far compared with average daily volumes of 7,832 shares in the past two weeks. The stock had hit a high of Rs 170.95 and a low of Rs 164.10 so far during the day. The stock hit a 52-week high of Rs 178 on 9 November 2018. The stock hit a 52-week low of Rs 140.50 on 7 March 2018.

Indian Energy Exchange's net profit rose 30.65% to Rs 42.67 crore on 23.13% rise in total income to Rs 75.22 crore in Q2 September 2018 over Q2 September 2017.

Indian Energy Exchange is a professionally managed company and is the largest exchange for trading of range of electricity contracts in India.

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