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Business News/ Markets / Stock Markets/  IEX shares surge on bonus issue announcement. Should you buy at current level?

IEX shares surge on bonus issue announcement. Should you buy at current level?

Shares of Indian Energy Exchange (IEX) surged 15% in Tuesday's opening deals to ₹916 per share on the BSE

IEX shares surged 15% in opening deals.  (Photo: iStock)Premium
IEX shares surged 15% in opening deals.  (Photo: iStock)

Indian Energy Exchange (IEX) on Tuesday informed that its board will meet on Thursday, October 21, 2021 to consider the proposal of bonus issue of shares. Shares of IEX surged over 15% in Tuesday's opening deals to 916 per share on the BSE.

“We wish to inform you that the Board of Directors of the Company in their meeting scheduled on Thursday, October 21, 2021, shall inter-alia, also consider the proposal for declaration of Bonus Issue of Equity Shares subject to the approval of the shareholders of the Company," the exchange informed in a BSE filing today.

Speaking on the IEX share price outlook, Ravi Singhal, Vice Chairman at GCL Securities said, "IEX shares are rising due to the expected bonus announcement. The stock has already shot up around 15 per cent today, but one can still buy this counter at current market price for the one month target of 1170 maintaining stop loss at 877 per share levels."

IEX is the premier electricity exchange in India, which facilitates electricity trade. IEX commands a market share of around 95% in the power exchange market. The stock has surged surged around 160% in the past six months whereas it has delivered multibagger return of over 315% in 2021 (year-to-date) so far. From 220 apiece in January this year, the scrip has rallied to trading around 916 per share currently.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Published: 19 Oct 2021, 09:27 AM IST
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