This company becomes Indias first carbon neutral power exchange, do you own it?

Recently, the company announced that they have approved the buyback of 49,00,000 equity shares at a price not exceeding Rs 200 apiece. 

On Wednesday, shares of Indian Energy Exchange (IEX) zoomed over 2.5 per cent to make an intraday of Rs 150.60 apiece. The scrip witnessed some profit booking and closed 0.85 per cent up at Rs 148.15. 

In its latest press release, the company announced that they have become India’s first carbon neutral power exchange, using market-based tradable instruments to offset its carbon emissions. IEX voluntarily cancelled CER’s (Certified Emissions Reductions) from clean projects and used market-based tradable instruments. EKI Energy was the sustainability partner by providing advisory & consultancy services in this climate action exercise.  

Recently, the company announced that they have approved the buyback of 49,00,000 equity shares at a price not exceeding Rs 200 apiece.   

IEX is India’s premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy and certificates including renewable energy certificates as well as energy saving certificates. The exchange platform enables efficient price discovery and increases the accessibility and transparency of the energy market in India while also enhancing the speed and efficiency of trade execution.  

The company’s share price has taken a hit this year with the company giving negative returns of over 46 per cent this year, after having a fantastic rally in the corresponding previous year, surging over 180 per cent. Keep a close eye on this trending stock.