IEX‘s share price was in the green on Tuesday morning looking to halt its two-straight session losing streak.

What Happened: The company’s subsidiary International Carbon Exchange (ICX) has entered into an “issuer agreement” with the International Tracking Standard Foundation and Evident EV, authorising ICX to act as a local issuer of International renewable energy certificates (I-REC) in the Indian market.

This role will involve ICX registering production facilities and issuing I-RECs on the registry managed by Evident, specifically for India, marking a critical step in the country’s renewable energy sector.

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IEX reported a strong quarter ending in June, with a 27% increase in consolidated net profit, reaching ₹96.44 crore, driven by higher revenues.

The surge in electricity demand, attributed to sweltering weather conditions, pushed peak power demand to 250 gigawatts in the first quarter of this financial year, surpassing the previous record of 243 gigawatts in September last year.

IEX reported a record-breaking monthly traded volume in July 2024, marking a 56% year-over-year increase. The total traded volume, including certificates, reached an impressive 13,250 million units, the highest ever recorded by the exchange.

Price Action: IEX’s share price was up 0.49% to trade at ₹204.41 as the markets opened on Tuesday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.