{"id":261965,"date":"2019-03-01T06:24:44","date_gmt":"2019-03-01T06:24:44","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=261965"},"modified":"2019-03-01T06:24:44","modified_gmt":"2019-03-01T06:24:44","slug":"maintain-buy-on-iex-target-price-of-rs-204-axis-capital","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/maintain-buy-on-iex-target-price-of-rs-204-axis-capital\/","title":{"rendered":"Maintain \u2018buy\u2019 on IEX, target price of Rs 204 \u2013 Axis Capital"},"content":{"rendered":"<p>IEX\u2019 9M electricity volume grew 20% as demand by discoms continues to be strong (led by electrification, elections etc.); transaction revenue (90% of top line) grew 17% YoY.<\/p>\n<p>Power exchange in India to benefit from: (1) nascent stage (4% of generation); (2) favourable policy measures by regulator (linking DSM prices to power exchange; (3) discoms sourcing peak-load from spot (vs. PPA) to savecapacity charges; (4) robust renewable growth (infirm, concentrated) to boost liquidity on exchanges \u2013 we believe these factors would drive 18% sustainable volume CAGR of IEX in the long run.<\/p>\n<p>Further, ongoing working papers on cross-border trade through exchange, reduction in gate closure, online open-access clearance to increase liquidity on exchange multifold; IEX remains our preferred pick, maintain \u2018buy\u2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IEX\u2019 9M electricity volume grew 20% as demand by discoms continues to be strong (led by electrification, elections etc.); transaction revenue (90% of top line) grew 17% YoY. Power exchange in India to benefit from: (1) nascent stage (4% of generation); (2) favourable policy measures by regulator (linking DSM prices to power exchange; (3) discoms sourcing peak-load from spot (vs. PPA) to savecapacity charges; (4) robust renewable growth (infirm, concentrated) to boost liquidity on exchanges \u2013 we believe these factors would drive 18% sustainable volume CAGR of IEX in the long run. Further, ongoing working papers on cross-border trade through [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,240,138],"tags":[],"class_list":["post-261965","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-power-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/261965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=261965"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/261965\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=261965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=261965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=261965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}