Indian Energy Exchange (IEX) witnessed a significant surge of nearly 6% in its shares during early trading sessions, following the energy bourse’s remarkable 29% rise in overall trade volume in May.
In May 2024, IEX recorded an overall trade volume of 10,633 million units (MU), marking a substantial increase from 8,251 MU in the same period last year. The electricity trade volumes surged by 21%, reaching 9,568 MU year-on-year.
Additionally, renewable energy certificates (RECs) experienced an exceptional 640.3% surge year-on-year, reaching 1,055 MU.
IEX stock surged by 5.69% to Rs 166.40 on the BSE, with a turnover of Rs 24.81 crore as 15.11 lakh shares were traded. The company’s market cap rose to Rs 14,881.97 crore.
In terms of technical analysis, IEX’s relative strength index (RSI) stands at 54.1, indicating balanced trading conditions. The stock has a low volatility beta of 0.8 and is trading above its various moving averages.
Furthermore, the REC market witnessed trading sessions on May 8 and May 29, with a total of 10.55 lac RECs traded at prices of Rs 185/REC and Rs 165/REC, respectively. The latter marked an all-time low price in the REC market.
These developments offer opportunities for obligated entities to fulfill renewable purchase obligations and for voluntary customers to meet sustainability goals.
Indian Energy Exchange specializes in providing an automated trading platform for the physical delivery of electricity, renewables, and certificates across various markets.
As of 10:45 am, IEX shares were trading 5.70% higher at ₹165.90 on the NSE.
