This company is considering a buyback proposal on November 25. Do you own it?
Today, shares of this company were trading in the upper circuit at 4.59 per cent to Rs 144.80.
Today, shares of Indian Energy Exchange Ltd were trading in the upper circuit at 4.59 per cent to Rs 144.80.
The Indian Energy Exchange Limited (IEX Ltd) announced that its board of directors will consider a buyback of equity shares on Friday, November 25, 2022. A buyback is generally a corporate action in which a company buys back shares from existing shareholders, usually at a price above the market price. When a company buys back, it reduces the number of shares outstanding in the market.
In Q2FY23, the company's consolidated net profit fell 9.47 per cent to Rs 70.06 crore, with net sales falling 13.8 per cent to Rs 95.20 crore, compared to Q2FY22. There was growth in the quarterly net profit with rising margins. IEX Ltd is one of the debt-free companies in India.
IEX Ltd is India's premier energy exchange, providing an automated platform and infrastructure for carrying out trading in electricity units for physical delivery of electricity, licensed by the central electricity regulatory commission (CERC) for spot trading in power/electricity and trading of renewable energy certificate (REC) and energy saving certificates (ESC).
The stock has fallen 25.2 per cent in the last six months, while it has plunged about 44 per cent year-to-date. Investors must keep an eye on this stock.