Buy Indian Energy Exchange, target price Rs 244: LKP Securities

LKP Securities has given a buy rating to Indian Energy Exchange with a target price of Rs 244. The share price moved down by 5.29 per cent from its previous close of Rs 187.10. The stock’s last traded price is Rs 177.20.

Indian Energy Exchange (IEX) is India’s leading Power Exchange with a market share of ~95%/40% of spot/short term market. The IEX offers a transparent pricing mechanism and liquidity to participants on its platform. Increasing traction of short term market with shift of volumes towards the power exchanges and with the launch of new products will aid IEX to garner more market share in the coming years. Also, with the launch of India’s first Gas Exchange, IEX will be at the forefront to lead the gas market in India.