IEX gains 2% on 15% growth, registers total volumes of 9,707 mn units

Shares of Indian Energy Exchange (IEX) jumped nearly 2 percent in early trade on January 4, post registering an impressive 14.9 percent on-year growth in total volumes at 9,707 million units (MU). At 9:15 am the IEX stock was trading at Rs 164.24 on NSE.

Notably, total electricity volumes also rose by 8.7 percent year-on-year, hitting 8,655 MU for the month. In the day-ahead market, the market clearing price stood at Rs 4.54 per unit, marking a 13 percent year-on-year decrease.

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Meanwhile, the real-time electricity market (RTM) experienced a substantial surge, jumping from 1,763 MU in December 2022 to 2,405 MU in December 2023 – a remarkable 36.4 percent year-on-year increase. This data showcases the IEX’s robust performance and growing influence in the energy sector.

IEX Stock call: Check brokerage views, target price

Global brokerage firm UBS assigned a ‘buy’ rating on IEX, in a recently released report, and upgraded the target price to Rs 200 per share from Rs 185 per share earlier. The new target price suggests a potential upside of more than 25 percent from the current market price.

IEX Stock performance

The IEX stock has given a 30.77 percent over the last six months. The benchmark Nifty50 index has given a return of 10.98 percent over the same duration.

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