Indian Energy Exchange's (IEX) shares were on the rise on Thursday morning after brokerage firm Antique maintained a bullish call and raised its target price on the scrip.

What The Brokerage Said: Antique held a "buy" call on the stock and raised the target price to ₹262, indicating an upside of 23%. The company's double-digit volume growth has continued in August and year to date, the brokerage said. 

The volume growth is supported by softness in exchange prices which includes day-ahead market (DAM) prices. The brokerage raised the earnings per share estimates by 5%-7% for FY25-FY27, and earnings multiple to 45 times from 40 times.

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The risk of market coupling might go away in time due to difficulties in its implementation, the brokerage said. Before the coupling risks emerged, the peak price to earnings ration valuation of IEX was at 50 times. 

In August, IEX's total volume, which includes certificates, increased 35.8% year on year to 12,040 million units. While the electricity volumes gained 17.1% from the previous year to 9,914 million units. 

Price Action: Shares of IEX rose 1.65% to ₹215.35 on Thursday morning. 

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