Shares of Indian Energy Exchange IEX gained 3 per cent in Friday's trade ahead of the company's board meeting to consider a share buyback plan. The stock is seeing strong momentum and the IEX shares are expected to hit 175 in the near future, according to broker Prabhudas Lilladher PL.
Vaishali Parekh, Vice President for Technical Research at PL, said the stock had been in consolidation for quite some time but has indicated a Triangular Breakout. She said that there was a further rise for the scrip in the coming days after moving past the significant 50 EMA level of Rs 146.
We see immense upside potential with the chart looking good, which is quite in the oversold zone. It can continue with the positive move. The RSI indicator is well placed and is on the rise to indicate strength. She said in a note, she recommended a Buy in this stock for an upside target of Rs 175, keeping a stop loss at Rs 144.
It was 78 per cent to hit a new high of Rs 151.15 on the BSE.
Shyam Sekhar, a market veteran, recently wondered if the company board was failing minority shareholders. Sekhar suggested that IEX's recent 2: 1 bonus issue has resulted in a reduced shareholder value. He said the bonus issue failed, and he was wondering if the buyback will fail.
He said recently that this is what he said.