Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

Forensic Analyst

Market Coupling Mandate: Structural Risk or Opportunity Reset for IEX (NSE: IEX, BSE: 540750)?

India's Energy Exchanges: Market Coupling, the Next Big Disruption

Bajaj Finance CEO Resignation: Rajeev Jain Returns, But Succession Looms Large

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Indian Energy Exchange Ltd / Equity Bottom-Up

<ul>
<li>This week, the CERC issued the order on market coupling for DAM across all the Indian Power Exchanges. Now, a single uniform market clearing price will be determined centrally.</li>
<li>Shares of <a href="https://www.smartkarma.com/entities/indian-energy-exchange-ltd" target="_blank" data-smartkarma-citation="entities:25946:1" rel="noopener">Indian Energy Exchange Ltd (IEX IN)</a> have reacted negatively to this development. Management's stance on market share remains positive even though there is uncertainty involved.</li>
<li>Investors should also consider structural drivers like rising electricity demand, low exchange penetration, strong user loyalty, and positive performance of IGX platform while evaluating IEX’s long-term prospects.</li>
</ul>


This week, the CERC issued the order on market coupling for DAM across all the Indian Power Exchanges. Now, a single uniform market clearing price will be determined centrally.
Shares of Indian Energy Exchange Ltd (IEX IN) have reacted negatively to this development. Management's stance on market share remains positive even though there is uncertainty involved.
Investors should also consider structural drivers like rising electricity demand, low exchange penetration, strong user loyalty, and positive performance of IGX platform while evaluating IEX’s long-term prospects.


IEX Ltd: Over-Reaction on Market Coupling?