BENGALURU: Indian Energy Exchange (IEX) soared 20% to a record high on Tuesday, after the energy trading platform said it would consider a bonus issue of shares, adding to nearly 24% of gains so far this month as demand for electricity ramps up.
Increased economic activity after the second wave of the coronavirus has resulted in a shortage in coal supply and driven up electricity demand, proving a boon for New Delhi-based IEX which controls 95% of the power exchange market.
IEX’s plan to issue bonus shares, which will be considered at an October 21 board meeting along with its quarterly earnings, comes on the heels of a 72% surge in its shares in the three months ended September 30, significantly outperforming a 16% rise in the S&P BSE Power Index.
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