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Indian Energy Exchange gains 5% on strong business update for April

The day-ahead market traded 5,699 MU volume in April 2021, achieving a significant 54 per cent YoY growth

FTIL sells remaining 11% stake to exit Indian Energy Exchange
In the past three months, IEX stock has rallied 55 per cent
SI Reporter Mumbai
2 min read Last Updated : May 07 2021 | 12:08 AM IST
Shares of Indian Energy Exchange (IEX) edged higher by 5 per cent to hit a new high of Rs 406 on the BSE in intra-day trade on Thursday after the company said it achieved a 90.2 per cent year-on-year (YoY) growth in power market trades at 7,707 million units (MU) volume in the month of April 2021.

While the growing electricity consumption has been one of the key factors behind the consistent performance of the Exchange market, its robust value proposition in terms of the most competitive prices, flexible, and efficient procurement position Exchange as the most preferred destination for power procurement for both the distribution utilities as well as the industrial consumers, IEX said in a press release. READ HERE

According to the power demand data published by the National Load Dispatch Center, the national peak power demand was at 183 GW while the peak demand and power consumption registered close to 40 per cent YoY growth on a weak base, it said.

IEX is India’s premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.

The day-ahead market traded 5,699 MU volume in April 2021, achieving a significant 54 per cent YoY growth. The average monthly price at Rs 3.70 per unit witnessed a 53 per cent increase over Rs 2.42 in the corresponding period in 2020.

The rise in price was primarily due to an increase in demand and a sharp slump in the electricity prices in April 2020 due to a stringent nationwide lockdown. The day-ahead market saw ample availability of power with sell-bids at 1.48 times of the cleared volume during the month, IEX said.

At 10:32 am, the stock was trading 2 per cent higher at Rs 394.80 on the BSE as compared to a 0.05 per cent rise in the S&P BSE Sensex. A combined 2.4 million equity shares had changed hands on the counter on the NSE and BSE. In the past three months, the stock has rallied 55 per cent, as against a 4 per cent decline in the benchmark index.

Topics :Indian Energy Exchange IEXBuzzing stocksMarketsIEX

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