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Indian Energy Exchange Jumps 20% To Record-High On Reward Share Strategy

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Indian energy exchange has stated it would consider perk concern of sharesIndian Energy Exchange (IEX) soared 20 per cent to a record high on Tuesday, after the energy trading platform stated it would consider a reward issue of shares, adding to almost 24 per cent of gains up until now this month as demand for electrical energy ramps up.Increased economic activity after the second wave of the coronavirus has resulted in a shortage in coal supply and increased electrical energy need, showing an advantage for New Delhi-based IEX which controls 95 per cent of the power exchange market.IEX's strategy to issue bonus shares, which will be thought about at an October 21 board meeting in addition to its quarterly earnings, comes on the heels of a 72 percent rise in its shares in the three months ended September 30, substantially outperforming a 16 per cent increase in the S&P BSE Power Index.

Over the next years, with India significantly taking a look at EVs (electric automobiles) and big business like Tata Power focusing in that area, the need for energy is going to rise, and IEX is appropriately positioned for this kind of outlook, said Gaurav Garg, head of research at CapitalVia Global Research.Shares of Tata Power have risen 62 per cent this month as of last close.In its newest month-to-month upgrade, IEX, which is used by power manufacturers, suppliers and corporates to buy and sell electricity, said electrical power volume sold October was 59 percent greater than a year ago.A top court move earlier this month, which permits electrical power to be traded as other commodities with forward contracts and derivatives on exchanges, would assist increase volumes at power exchanges like IEX, ICICI Direct Research in a note.About 33 million IEX shares traded by 0655 GMT, more than three times the 30-day average of about 11 million shares.The stock, which has more than tripled in worth so far this year, was trading 15.3 per cent higher at 918.8 rupees.




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