IEX shares in focus as subsidiary to issue International Renewable Energy Certificates in Indian markets

IEX reported a 27 percent jump in consolidated net profit for the quarter ended June.

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Indian Energy Exchange shares will be in focus during the September 3 session as the power trading exchange's subsidiary International Carbon Exchange (ICX) entered into an "issuer agreement" with the International Tracking Standard Foundation and Evident EV.

As a result of the agreement, ICX is authorised to act as a local issuer of International Renewable Energy Certificates (I-REC) in the Indian market.

"As part of this role, ICX will be responsible for registering Production Facilities and issuing I-RECs on the registry managed by Evident for India," added IEX in an exchange filing.

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The Indian Energy Exchange or IEX reported a 27 percent jump in consolidated net profit for the quarter ended June, standing at Rs 96.44 crore on the back of higher revenues. During the same quarter in the year-ago period, IEX's net profit was around Rs 75.82 crore.

According to an exchange filing, the power trading exchange reported an on-year operational revenue increase of 18.75 percent, at Rs 123.5 crore for the June quarter, up from Rs 104 crore in the same period last year.

On the power sector front, hot weather conditions led to an unprecedented surge in electricity demand during the first quarter of this financial year. Peak power demand reached 250 GW, surpassing the previous high of 243 GW recorded in September last year.

Over the past 12 months, IEX shares have jumped around 48 percent, outperforming the frontline index Nifty 50 that has gained around 30 percent during the same time.

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