Shares of Indian Energy Exchange rose over 5% in a weak market today after the firm said a meeting of the board of directors is scheduled to be held on Friday, November 25, 2022, to consider a proposal for buyback of fully paid-up equity shares of the company. Indian Energy Exchange stock gained 5.6% to Rs 146.15 against the previous close of Rs 138.40 on BSE.
Shares of Indian Energy Exchange have gained after four days of consecutive fall. Earlier, the stock opened with a gain of 3.11% at Rs 142.70 on BSE. The stock is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
The share has lost 44.26% in a year and fallen 42.8 percent in 2022. Total 5.09 lakh shares changed hands amounting to a turnover of Rs 7.33 crore on BSE. The share hit a 52-week high of Rs 304.05 on December 10, 2021 and a 52-week low of Rs 133.95 on October 25, 2022.
“A meeting of the Board of Directors of the Company is scheduled to be held on Friday, November 25, 2022, inter-alia, to consider a proposal for buyback of fully paid-up equity shares of the Company in accordance with the provisions of the Companies Act, 2013, and the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended,” said the company in a communication to the BSE.
In the second quarter of this fiscal, the firm logged a fall of 8.4% in net profit to Rs 71.20 crore against Rs 77.73 crore profit in the corresponding quarter of the previous fiscal.
Sales slipped 13.75% to Rs 95.20 % in Q2 against Rs 110.38 crore sales in the September quarter of this fiscal.
Indian Energy Exchange is engaged in providing an automated trading platform for the physical delivery of electricity, renewables, and certificates. It offers various trade markets, such as the electricity market, green market and certificates. The electricity market includes day-ahead market, term ahead market, real-time market and cross border electricity trade. The green market includes green term ahead market and green day-ahead market.
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