Research house UBS has downgraded the stock to ‘sell’ from ‘buy’ with the target at Rs 680 a share
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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Indian Energy Exchange (IEX) stock price ended 5 percent higher on BSE on December 3 as shares traded ex-bonus with the record date set for December 6.
Indian Energy Exchange has fixed December 6, 2021 as the record date for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus equity shares, subject to the approval of shareholders that is being obtained through postal ballot (including e-voting).
In India, exchanges follow T+2 share delivery system, shorthand for trade date plus two days when transactions must be settled. So the stock turned ex-date or ex-bonus on December 3 ahead of the weekend.
Ex-bonus in a stock is when the company has announced a bonus issue but has not distributed those shares yet. A bonus is an issue of shares by a company to its stakeholders.
On October 21, 2021, the company’s board recommended issuing two shares for every one existing shares.
The research house UBS has downgraded the stock to “sell” from “buy” with the target at Rs 680 a share.
According to UBS, the meaningful benefits related to new products and MBED regulation were priced in and the market was ignoring the softness in core segments.
However, the marginal competitive threat from the upcoming PTC exchange was not in the price. The research house, however, likes company’s structural long-term thesis but there is risk to near-term earnings.
Given the rich valuations, it also sees risk of multiple contraction, UBS said.
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Indian Energy Exchange ended at Rs 255.65, up Rs 12.65, or 5.21 percent on the BSE.
The share touched a 52-week high of Rs 318.72 on October 19, 2021 and a 52-week low of Rs 66.35 on December 21, 2020.
