IEX scales new high in a weak market, rallies 22% in seven days
Shares of Indian Energy Exchange (IEX) rose 3 per cent to hit a new high of Rs 366.40 on the BSE in intra-day trade on Friday in an otherwise weak market. The stock of electric utility company was trading higher for the seventh straight day, up 22 per cent during the period, after the company entered into a strategic partnership with the National Stock Exchange (NSE) and Oil and Natural Gas Corporation (ONGC) to build gas markets.
IEX on March 10 announced strategic divestment of 26 per cent of its equity holding in the Indian Gas Exchange (IGX) to the NSE and additional 5 per cent equity holding to ONGC.
