Buy Indian Energy Exchange, target price Rs 248: ICICI Direct

ICICI Direct has buy call on Indian Energy Exchange with a target price of Rs 248. The current market price of Indian Energy Exchange is Rs 225.25. Time period given by analyst is 14 days 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 20570.55 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 has 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 has reported net profit after tax of Rs 80.73 Crore in latest quarter.

Investment Rationale
The brokerage expects the stock to continue with its positive bias and head towards Rs 248 levels being the 50% retracement of the previous major decline (Rs 303-192)

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of 31-Dec-2021, while FIIs owned 35.24 per cent, DIIs 13.43 per cent.