IEX shares hit upper circuit on bonus announcement and good Q2 numbers
Indian Energy Exchange (IEX) shares touched upper circuit of Rs 832.85 on the BSE in Friday's morning intraday trade
Indian Energy Exchange (IEX) shares touched upper circuit of Rs 832.85 on the BSE in Friday's morning intraday trade. The sharp spike in prices of IEX comes amid the bonus announcement and good September quarter numbers posted by the company on Thursday. As per the communication made in a BSE filing, the proposed ration of the bonus share is 2:1 and requires approval from shareholders.
At around 11.50, IEX shares were trading with 3 per cent gains at Rs 779.90, a gain of Rs 22.75.
Earlier, the IEX board in its meeting on Thursday recommended a bonus issue of equity shares in the proportion of two shares of Re 1 each for every one existing share of ₹ 1 each held by the shareholders as on the record date. "This is subject to the approval of shareholders through postal ballot," the power company said in a BSE filing.
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Under the bonus issue, 59,91,13,022 equity shares with face value of ₹ 1 each (total face value Rs 59,91,13,022) would be issued.
The bonus shares will be issued out of the free reserves created out of the profits of the company available as at March 31, 2021, it said.
IEX total income rose to ₹ 122.30 crore in the quarter ended September 30, said a PTI report.
The Indian Energy Exchange (IEX) on Thursday posted a nearly 75 per cent jump in consolidated net profit at ₹ 77.38 crore for the September quarter, mainly on the back of higher revenues, it said.
The consolidated net profit of the company stood at ₹ 44.33 crore in the corresponding quarter of the previous fiscal, it said in a BSE filing.
IEX shares have hit a 52-week high of Rs 956.15 and Rs 52-week low of 181.00 on October 19, 2021 and November 4 , 2020, respectively.
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