Indian Energy Exchange shares rise nearly 4% on divestment in Indian Gas Exchange

The share touched a 52-week high of Rs 322.85 and a 52-week low of Rs 111.05 on 11 February 2021 and 23 March 2020, respectively.

March 10, 2021 / 02:06 PM IST
 
 
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Indian Energy Exchange (IEX) share price rose nearly 4 percent intraday on March 10 after the company divested its holding in Indian Gas Exchange (IGX).

".... announced strategic divestment of 26 percent of its equity holding in the Indian Gas Exchange (IGX) to National Stock Exchange of India Limited (NSE) through its wholly-owned subsidiary, NSE Investments Ltd, and additional 5 percent equity holding to Oil and Natural Gas Corporation," as per the press release.

“Having NSE and ONGC as our partners is a natural choice for us in our endeavour to deepen India’s gas markets. We are enthused and delighted about the new partnerships. Both NSE and ONGC bring their unique value proposition and leadership edge in markets and hydrocarbon sector respectively to the table," said S N Goel, Chairman and Managing Director, IEX and Director, IGX.

"We look forward to working jointly with our new partners in developing gas markets which offer immense scope of growth,” he added.

Earlier this year, IEX announced the strategic investments of 5% each by leading players in the gas value chain – Adani Total Gas, Torrent Gas and GAIL (India) Ltd in IGX.

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At 13:26 hrs Indian Energy Exchange was quoting at Rs 311.15, up Rs 9.90, or 3.29 percent on the BSE.

The share touched a 52-week high of Rs 322.85 and a 52-week low of Rs 111.05 on 11 February 2021 and 23 March 2020, respectively.

Currently, it is trading 3.62 percent below its 52-week high and 180.19 percent above its 52-week low.
Moneycontrol News
first published: Mar 10, 2021 02:06 pm

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