Top trading ideas for tomorrow - Indian Energy Exchange
The company announced the resumption in the trading of renewable energy certificates (REC) with effect from November 24 after a gap of almost 16 months. The last REC trade session took place in June 2020.
Indian Energy Exchange (IEX) operates as a power exchange. It offers an online electricity trading platform for trading, clearing, and settlement operations. It is a mid-cap company with a market cap of Rs 23,049. Today, i.e., on November 22, IEX issued a press release just before the market’s closing bell. The press release states that “IEX resumes trade in the renewable energy certificate market exchange to hold a trading session on Wednesday i.e. November 24, 2021.”
The company announced the resumption in the trading of renewable energy certificates (REC) with effect from November 24 after a gap of almost 16 months. The last REC trade session took place in June 2020.
The company’s management showed positive comments regarding this development as the REC has been a vital market-based instrument for obligated entities such as distribution utilities, open access consumers, and captive power plants for meeting their renewable purchase obligation (RPO) in the most competitive & efficient manner. The stock ended 2.07 per cent lower on Monday.
The share price of IEX traded in negative on Monday as the selling pressure persisted throughout the market. As soon as the news spread in the market, IEX gained about 2 per cent from its low to close at Rs 769.45. This news will certainly cheer up the investors and the stock might end up being the top trading stock on Tuesday.