This stock made investors rich by giving more than 260% return in 2021, would you bet?

Multibagger Stock: Indian Energy Exchange (IEX) is the leading electricity exchange in India, which facilitates electricity trading. This multibagger stock has gained over 135% in the last six months, while it has given returns of over 260% so far in 2021 (Y-to-date). From Rs 220 per stock in January this year, the stock is currently trading around Rs 795.

IEX has around 95% market share in the power exchange market. Brokerage ICICI Securities said in a note that the company has a debt-free balance sheet with cash and investments of around Rs 700 crore.

The brokerage firm is positive about the stock
ICICI Securities has said that it remains positive on the stock. It said, “We will remain positive and maintain our ‘buy’ rating. Its target price is Rs 910 per share. ICICI Securities is bullish on this stock due to the increasing demand for electricity and government policies.

The brokerage firm’s note said, “With the Supreme Court settling the dispute between the Central Electricity Regulatory Commission (CERC) and SEBI, electricity can now be traded in the form of futures contracts and derivatives on exchanges along with other commodities.” could.” ICICI Securities believes that the settlement will open the way for introduction of long term delivery basis contracts in power exchanges and IEX will be a beneficiary. This will not only increase the sales but also new products will be available in the market.

The brokerage said, “Short-term market reversal of power purchase pattern from power purchase agreements (PPAs) induced by MBED is expected to lead to a strong jump in volumes from FY24E onwards. This can provide strong volume growth traction to power exchanges like IEX. “

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