IEX stock rises 4% post June quarter results
ETMarkets.com
Synopsis
IEX's revenue from operations for the first quarter came in at Rs 104.03 crore, up 6% from Rs 98.35 crore in the previous year's quarter. Consolidated EBITDA stood at Rs 82 crore in the June quarter, however, the operating margin came in lower at 78.6%, compared to 82.1% in the year-ago period
Shares of the Indian Energy Exchange (IEX) rose 4% to Rs 124.5 in Friday's trade on BSE after it posted a consolidated net profit of Rs 76 crore for the April-June period. The profit rose 10% when compared with Rs 69 crore reported in the same period of last year.
The total income of the company also saw a 12% YoY increase, amounting to Rs 127.36 crore in the quarter under review, compared to Rs 113.39 crore in the corresponding period last year.
At 10.08 am, the scrip was trading 2.7% higher at Rs 123.2 on BSE. However, the stock has declined over 20% in the last one year, while it has plunged 13% year-to-date.
Sudha Pillai, Non-Executive Independent Director of the company, is currently serving a term that expires on April 25, 2024. The board based on the recommendations of the Nomination and Remuneration Committee has approved her re-appointment for a second term of five consecutive years commencing from April 26, 2024, to April 25, 2029 (both days inclusive), not liable to retire by rotation, subject to the approval of members of the company in the ensuing annual general meeting, the company said in an exchange filing.
As per Trendlyne data, the average target price of the stock is Rs 134 which shows an upside potential of 8% from the current market prices.
The consensus recommendation from 13 analysts for the stock is a Sell. Out of these analysts, seven have strong sell and sell ratings, while four have strong buy and buy ratings. The remaining two have hold ratings.
The Relative Strength Index (RSI) is at 32.8. RSI below 30 is considered oversold and above 70 is considered overbought, Trendlyne data showed. MACD is at -3.3, which is below its Center Line, this is a bearish indicator.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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Its revenue from operations for the first quarter came in at Rs 104.03 crore, up 6% from Rs 98.35 crore in the previous year's quarter. Consolidated EBITDA stood at Rs 82 crore in the June quarter, however, the operating margin came in lower at 78.6%, compared to 82.1% in the year-ago periodThe total income of the company also saw a 12% YoY increase, amounting to Rs 127.36 crore in the quarter under review, compared to Rs 113.39 crore in the corresponding period last year.
At 10.08 am, the scrip was trading 2.7% higher at Rs 123.2 on BSE. However, the stock has declined over 20% in the last one year, while it has plunged 13% year-to-date.
Sudha Pillai, Non-Executive Independent Director of the company, is currently serving a term that expires on April 25, 2024. The board based on the recommendations of the Nomination and Remuneration Committee has approved her re-appointment for a second term of five consecutive years commencing from April 26, 2024, to April 25, 2029 (both days inclusive), not liable to retire by rotation, subject to the approval of members of the company in the ensuing annual general meeting, the company said in an exchange filing.
As per Trendlyne data, the average target price of the stock is Rs 134 which shows an upside potential of 8% from the current market prices.
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The consensus recommendation from 13 analysts for the stock is a Sell. Out of these analysts, seven have strong sell and sell ratings, while four have strong buy and buy ratings. The remaining two have hold ratings.
Stocks Recommendations
The Relative Strength Index (RSI) is at 32.8. RSI below 30 is considered oversold and above 70 is considered overbought, Trendlyne data showed. MACD is at -3.3, which is below its Center Line, this is a bearish indicator.
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(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
