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Sify Editors @ 10:30 AM
Indian Energy Exchange makes lackluster debut
The IPO from Indian Energy Exchange Limited received decent response from investors and got subscribed 2.28 times. But the stock's performance on its debut is turning out to be quite disappointing with investors not showing any keen interest at the counter.
The stock opened at Rs 1500, the issue price, and after advancing to Rs 1649 subsequently, eased again and is currently hovering around Rs 1640, down by about 0.6%.
The Rs 1001 crore offer from the company was the first ever from a power exchange company in India. The offer for a total of 52,75,889 shares, came with a price band of Rs 1645 - 1650 a share.
The qualified institutional buyers category was oversubscribed 2.56 times and non-institutional investors portion was subscribed 85%, while retail investors portion was oversubscribed 2.61 times.
The anchor investors' portion was not much as foreign portfolio investors are not allowed to invest in power exchanges through the primary market route. Anchor investors were allocated about 7.9 lakh shares at a price of Rs 1650 per share.
At Rs 1650, the stock's value stood at 43.5 time of its financial year 2017 EPS.
Indian Energy Exchange Limited is dominant in the electronic platform of short-term domestic power market and with the government keen on rural electrification and providing power for all, it looks the company can rake in good revenue and profit over the medium to long term.
Over the next five years, renewable energy capacity may well see a three-fold jump and expand to 170GW. Wind and solar energy generators are dependent on local conditions and this augurs well for Indian Energy Exchange Limited.
The company, the first power exchange in the country, provides an automated trading platform for electricity (physical delivery) and renewable energy certificates.
Out of about 5800 participants from across the country are registered on the exchange, and of these more than 4200 are eligible to trade electricity contracts and over 3900 participants are eligible to trade RECs.
The company reported net profit of Rs 113.65 crore for the year ended March 2017, a 13.2% jump over a net profit of Rs 100.34 crore it had posted in the preceding year. The total revenues increased 18.63% to Rs 237.42 crore in the year ended March 2017.
Sify Editors @ 10:00 AM
Telcos rise after Jio raises tariffs; Reliance Industries hits record high
Shares of Indian telecom companies rise after Reliance Industries Ltd's telecoms arm, Jio, raised tariffs last week, signalling more pricing discipline in the sector.
Among steps, Jio shortened the time period for its 399 rupees ($6.13) special data plan to 70 days from 84 days.
Deutsche Bank says Jio's action implies a "progressively normalisation of sector pricing".
Jio's entry had sparked cutthroat competition in telecoms sector, eroding profitability.
Reliance Industries' shares rise as much as 2.3 pct to a record high.
Bharti Airtel rises as much as 2.4 pct to highest in over eight years.
Idea Cellular climbs as much as 4.8 pct, while Reliance Communications gains as much as 3 pct.
Sify Editors @ 9:30 AM
Sensex, Nifty open higher
The key Indian equity indices on Monday opened higher.
The 30-scrip Sensitive Index (Sensex), was trading 92.39 points or 0.29 per cent higher soon after opening.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 30.10 points or 0.30 per cent higher at 10,176.65 points.
The Sensex of the BSE, which opened at 32,411.86 points, was trading at 32,482.35 points, higher 92.39 points or 0.29 per cent from the previous day's close at 32,389.96 points.
The Sensex touched a high of 32,491.32 points and a low of 32,411.86 points in the trade so far.
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