Buy Indian Energy Exchange, target price Rs 385: ICICI Direct

ICICI Direct has buy call on with a target price of Rs 385. The current market price of Indian Energy Exchange Ltd. is Rs 333.55. Time period given by analyst is 15 days when Indian Energy Exchange Ltd. price can reach defined target.

Indian Energy Exchange Ltd., incorporated in the year 2007, is a Mid Cap company (having a market cap of Rs 10095.05 Crore) operating in Financial Services sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 96.09 Crore, up 22.09 % from last quarter Total Income of Rs 78.71 Crore and up 38.42 % from last year same quarter Total Income of Rs 69.42 Crore. Company reported net profit after tax of Rs 58.14 Crore in latest quarter.

Investment Rationale
The daily 14 periods RSI has rebounded from its previous lows and is at the cusp of generating a bullish crossover above its nine periods average thus validates positive bias

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of Dec 30, 2020, while FIIs held 30 per cent, DIIs 36.6 per cent and public and others 33.4 per cent.