January 5, 2024
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IEX achieves 16.9% volume growth
Shares of Indian Energy Exchange Ltd (IEX) will be focus since the company in its quarterly update note said it achieved 28,326 MU overall volume in the December quarter, up 16.9 per cent on year-on-year (YoY) basis. For the month of December, the energy exchange said it achieved 9,707 MU overall volume, including 10.52 lakh Renewable Energy Certificates (RECs) (equivalent to 1052 MU), marking a 14.9 per cent increase on YoY basis.
IEX achieved 8,655 MU total electricity volume in December 2023, registering an increase of 8.7 per cent on YoY basis, the company said in a BSE filing. According to the government data, India’s energy consumption remained flattish at 119.07 BUs in December.
The market clearing price in the Day Ahead Market for the month was Rs 4.54 per unit, marking a 13 per cent YoY fall.
“With favourable Policy and Regulatory interventions, the sell bids on the exchange (Day Ahead Market plus Real Time Market) during the month increased by 18% on YoY. Going forward, the sell liquidity is expected to further improve, leading to a decline in power prices on the exchanges. This will present an opportunity for Discoms and Industrial consumers to optimize their power procurement costs,” IEX told stock exchanges.
IEX said the Day-Ahead Market (DAM) volume stood at 4,798 MU in December compared with 5,001 MU in December 2022. The DAM segment registered total volumes of 14,684 MU in the December quarter, up 1.5 per cent YoY.
Buy Recommendations: On NSE, the shares of IEX have moved up to Rs. 165.95 and the technical experts have BUY-recommendations for this stock with 6 months-holding period. Presently, the shares are available at PE multiple of 45.10 compared to Sector PE of 104.95.
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