{"id":394555,"date":"2021-01-11T12:12:48","date_gmt":"2021-01-11T06:42:48","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=394555"},"modified":"2021-01-11T13:27:44","modified_gmt":"2021-01-11T07:57:44","slug":"indian-energy-exchange-rating-buy-momentum-in-volumes-continued-in-december","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/indian-energy-exchange-rating-buy-momentum-in-volumes-continued-in-december\/","title":{"rendered":"Indian Energy Exchange Rating: Buy- Momentum in volumes continued in December"},"content":{"rendered":"<p>Electricity volumes on Indian Energy Exchange (IEX) jumped 49% y-o-y to 7BUs in Dec\u201920, led by: (i) continued growth (up 29% y-o-y) in day-ahead market (DAM) volumes, and (ii) strong volumes for the recently launched RTM. In Q3FY21, electricity volumes grew 61% y-o-y to ~20BU. Based on initial data from POSOCO and power ministry, power demand for the quarter is estimated to have risen 6.5% y-o-y, with a generation of 337BUs. This implies a 5.9% market share for IEX for the quarter (v\/s a 4% share in FY20). <\/p>\n<p>While an uptick in merchant prices (as demand improves) and the large base of Q4FY20 needs to be watched, we conservatively revise our FY21e electricity volume\/EPS estimates by 10%\/8% given its strong performance. Rolling forward to 30x Dec\u201922e EPS, we maintain our Buy rating with a TP of Rs 255\/share.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Electricity volumes on Indian Energy Exchange (IEX) jumped 49% y-o-y to 7BUs in Dec\u201920, led by: (i) continued growth (up 29% y-o-y) in day-ahead market (DAM) volumes, and (ii) strong volumes for the recently launched RTM. In Q3FY21, electricity volumes grew 61% y-o-y to ~20BU. Based on initial data from POSOCO and power ministry, power demand for the quarter is estimated to have risen 6.5% y-o-y, with a generation of 337BUs. This implies a 5.9% market share for IEX for the quarter (v\/s a 4% share in FY20). While an uptick in merchant prices (as demand improves) and the large [&hellip;]<\/p>\n","protected":false},"author":40,"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-394555","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\/394555","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\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=394555"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/394555\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=394555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=394555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=394555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}