IEX share price slumps 10% prior to power minister meeting stakeholders on market coupling
IEX shares declined ahead of a meeting on market coupling. Discussions may clarify the benefits of this approach, which aims to standardize electricity pricing across exchanges. A government report suggested a shadow pilot study for market coupling, pending software development.
IEX share price: The shares of Indian Energy Exchange (IEX) dipped before the meeting of the power minister with stakeholders regarding market coupling scheduled for Wednesday. Power Minister Manohar Lal may hold discussions with stakeholders about this topic to inform them of the advantages of market coupling, sources within the government have shared with CNBC-TV18, according to their report.
As reported, sources informed CNBC-TV18 that any future market coupling will occur via a broad bid rather than through internal bidding. Market coupling refers to the consolidation and alignment of buy and sell bids from power exchanges aimed at establishing a uniform price for electricity trading across these exchanges.
On February 21 of this year, Power Secretary Pankaj Agarwal mentioned that the Ministry and the Central Electricity Regulatory Commission (CERC) are examining the Grid Controller of India's report concerning market coupling.
A government representative had informed CNBC-TV18 on September 25 of last year that the possibility of market coupling for power exchanges was being considered. Although the official stated that market coupling would ultimately take place, they did not provide a specific timeline for its rollout.
In February 2024, a document from the CERC highlighted the necessity for more evidence-based findings prior to the implementation of market coupling. This document indicated that a shadow pilot would be carried out for four months once the Grid Controller of India develops the required software, which had been instructed to complete its pilot study promptly after reviewing all technical elements.
IEX share price today
IEX share price today opened at ₹211.85 apiece on the BSE, the stock touched an intraday high of ₹214.20 apiece, and an intraday low of ₹188.50 per share.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, a sharp fall is seen on the daily chart, with prices eroding more than 7% and wiping out gains of around last one month, with the momentum on the negative side, prices can slip further lower in the near term. The long term support of 200dsma at 182 is seen as next support whereas on bounce 205 is immediate resistance.
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