Buy Indian Energy Exchange, target price Rs 232: ICICI Direct

ICICI Direct has buy call on Indian Energy Exchange with a target price of Rs 232. The current market price of Indian Energy Exchange is Rs 205.
Time period given by analyst is three months when Indian Energy Exchange Ltd. price can reach defined target.

Indian Energy Exchange Ltd., incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 18382.29 Crore) operating in Financial Services sector.


Indian Energy Exchange Ltd. key Products/Revenue Segments include Sale of services and Other Operating Revenue for the year ending 31-Mar-2021.


Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 130.78 Crore, up 6.93 % from last quarter Total Income of Rs 122.30 Crore and up 36.09 % from last year same quarter Total Income of Rs 96.09 Crore. Company reported net profit after tax of Rs 80.73 Crore in latest quarter.


Investment Rationale
The brokerage expects the stock to regain upward momentum, and head towards Rs 232 as it is 50% retracement of January-February decline ((Rs 272-192).

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of Dec 30, 2020, while FIIs held 30 per cent, DIIs 36.6 per cent and public and others 33.4 per cent.