IEX’s share price recovered strongly on Monday after the stock crashed close to 20% last week.
What Happened: Shares of the company have been crashing since the news surfaced that the power ministry has directed Central Electricity Regulatory Commission (CERC) to execute the market coupling process. The move could significantly hurt the company’s dominant position.
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However, the stock has seen a few positive developments today. UBS maintained its ‘buy’ rating for the stock with a price target of ₹200 – an over 60% upside from its last closing price of ₹122.85. The research firm said that market coupling along with MBED would mean an increase in IEX volumes by 12-15x. However, the firm highlighted that no change to the existing structure impacts power exchanges and the firm would be closely watching the development.
The stock also witnessed a major bulk deal on Friday. Harsh Anand Jain, bought 52.95 lakh shares of the company at ₹124.82. Jain is the son of market veteran Anand Jain, and the founder of fantasy sports company Dream 11.
Price Action: IEX share price shot up % to trade at ₹12 as the markets opened on Monday.
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