External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Indian Energy Exchange / Equity Bottom-Up

<ul><li>Indian Energy Exchange (IEX) is the premier electricity exchange in India, which facilitates trading of electricity.</li><li>IEX commands a market share of ~85-90% in the power exchange market</li><li>The company has a debt free balance sheet with cash &amp; investments to the tune of ~ Rs 340 crore.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Energy Exchange (IEX) is the premier electricity exchange in India, which facilitates trading of electricity.IEX commands a market share of ~85-90% in the power exchange marketThe company has a debt free balance sheet with cash &amp; investments to the tune of ~ Rs 340 crore.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Energy Exchange (IEX) - Quiet Quarter Due to Unfavourable Macros…

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

<ul>
<li>IEX is a play on digital infrastructure (hedge against inflation), electricity reforms, decarbonisation and energy transition</li>
<li>An opportunity that offers virtuous growth, minimalistic capital needs and presents a scalable business model (addressing INR 8trn electricity market)</li>
<li>India will see an average power consumption growth of 5% over the foreseeable period. Power Exchanges should outgrow this meaningfully</li>
</ul>


IEX is a play on digital infrastructure (hedge against inflation), electricity reforms, decarbonisation and energy transition
An opportunity that offers virtuous growth, minimalistic capital needs and presents a scalable business model (addressing INR 8trn electricity market)
India will see an average power consumption growth of 5% over the foreseeable period. Power Exchanges should outgrow this meaningfully


Indian Energy Exchange (IEX IN): Immense Value at Current Levels

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. Zomato (ZOMATO IN) will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

<a href="https://www.smartkarma.com/entities/indian-energy-exchange-ltd" target="_blank" data-smartkarma-citation="entities:25946:1" rel="noopener">Indian Energy Exchange (IEX IN)</a> , incorporated in 2008 has been the pioneering and leading player in the energy exchange trading industry with a market share of 98%; since then, it has only grown northward since initiation. The company has a strong and cash-rich balance sheet. However, there are few questions on receivable and payable which has to be addressed by the management of the company.

Indian Energy Exchange (IEX IN) , incorporated in 2008 has been the pioneering and leading player in the energy exchange trading industry with a market share of 98%; since then, it has only grown northward since initiation. The company has a strong and cash-rich balance sheet. However, there are few questions on receivable and payable which has to be addressed by the management of the company.

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

Despite volatility in the Indian markets in previous couple of months, <a href="https://www.smartkarma.com/entities/25946" target="_blank" data-smartkarma-citation="entities:25946:1">Indian Energy Exchange (IEX IN)</a> has been stable in its price performance and did considerably better than small and mid cap stock universe. The primary reason is that revenue and profitability for company is linked to trading volumes of spot electricity at IEX, which have been very good in recent months. At IEX, trading volumes went up 17% yoy in 2Q and the results declared on 9th November confirm that this has translated into growth across key variables such as revenue, EBITDA and PAT. We don't expect any near term weakness in the stock but investors should note that 3Q will include winter months of November and December which is usually low activity period for spot market. Overall, it is good to see pick up in financial performance of <a href="https://www.smartkarma.com/entities/25946" target="_blank" data-smartkarma-citation="entities:25946:1">Indian Energy Exchange (IEX IN)</a> after disappointments during several previous quarters when the increased activity on trading volumes didn't lead to commensurate increase in top line and bottom line performance also remained subdued for <a href="https://www.smartkarma.com/entities/25946" target="_blank" data-smartkarma-citation="entities:25946:1">Indian Energy Exchange (IEX IN)</a>. But, a large part of good news is already in the price and upside should be limited for <a href="https://www.smartkarma.com/entities/25946" target="_blank" data-smartkarma-citation="entities:25946:1">Indian Energy Exchange (IEX IN)</a>.

Despite volatility in the Indian markets in previous couple of months, Indian Energy Exchange (IEX IN) has been stable in its price performance and did considerably better than small and mid cap stock universe. The primary reason is that revenue and profitability for company is linked to trading volumes of spot electricity at IEX, which have been very good in recent months. At IEX, trading volumes went up 17% yoy in 2Q and the results declared on 9th November confirm that this has translated into growth across key variables such as revenue, EBITDA and PAT. We don't expect any near term weakness in the stock but investors should note that 3Q will include winter months of November and December which is usually low activity period for spot market. Overall, it is good to see pick up in financial performance of Indian Energy Exchange (IEX IN) after disappointments during several previous quarters when the increased activity on trading volumes didn't lead to commensurate increase in top line and bottom line performance also remained subdued for Indian Energy Exchange (IEX IN). But, a large part of good news is already in the price and upside should be limited for Indian Energy Exchange (IEX IN).

Indian Energy Exchange (IEX IN): Bumper 2Q Results Driven by High Trading Volume, but Limited Upside

India

Indian Energy Exchange (IEX) is India's premier electronic trading platform for the physical delivery of electricity, renewable energy, and certificates. It facilitates efficient price discovery and provides a marketplace for various participants in the power market. IEX's products include Day-Ahead Market (DAM), Real-Time Market (RTM), Term-Ahead Market (TAM), Green Day-Ahead Market (G-DAM), Green Term-Ahead Market (G-TAM), Renewable Energy Certificates (RECs), and Energy Saving Certificates (ESCerts). The company was founded in 2008 and is headquartered in Noida, Uttar Pradesh, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indian Energy Exchange (IEX IN)

Indian Energy Exchange (IEX) - Quiet Quarter Due to Unfavourable Macros…

Indian Energy Exchange (IEX) is the premier electricity exchange in India, which facilitates trading of electricity.IEX commands a market share of...

ICICI Securities Limited