Latest news with #HarshalDasani
India Today
2 hours ago
- Business
- India Today
IEX share price crashes 23% to hit 52-week low. What's behind the fall?
Shares of the Indian Energy Exchange (IEX) nosedived on Thursday, plunging nearly 23% to hit a 52-week low of 144.65 on the Bombay Stock Exchange (BSE), as investors reacted sharply to a game-changing regulatory sharp fall came just hours after the Central Electricity Regulatory Commission (CERC) issued an order approving the phased implementation of market coupling, which is a structural overhaul of India's power trading landscape that could fundamentally reshape IEX's business model and erode its longstanding market its late-Wednesday directive, the CERC said the rollout would begin with the Day-Ahead Market (DAM) segment using a 'round-robin' format to initiate centralised price discovery. The first phase is scheduled for launch by January CHANGES WITH MARKET COUPLING? Currently, electricity prices in India's spot power markets are discovered independently on multiple exchanges—a system that has worked in IEX's favour. The company currently enjoys a commanding 90%+ market share in both the Day-Ahead Market (DAM) and Real-Time Market (RTM), which together make up the bulk of its revenues. In FY24 alone, DAM volumes crossed 73 billion units, while RTM volumes saw a 19% year-on-year coupling, however, removes this competitive advantage by routing all price discovery through a single central clearing engine, operated by the Grid Controller of India. That means IEX and its smaller competitors like PXIL and HPX will no longer compete on price efficiency, effectively levelling the playing field and cutting into IEX's pricing power, margins, and volume stickiness."This isn't a drill anymore. Market coupling is no longer just a theoretical risk. It is now imminent," said Harshal Dasani, Business Head at INVasset PMS. 'This fundamentally alters the market structure and puts pressure on IEX's revenue model. Investors will now re-rate the stock with a structurally weaker outlook.'While the CERC has pitched the move as one aimed at improving transparency, efficiency, and grid optimisation, market participants are more focused on the potential downside: a hit to trading volumes, loss of operational edge, and a serious dent in IEX's valuation sentiment reflected those stock hit its lower circuit early in the trading day, triggering heavy sell-offs and wiping out a significant chunk of its market capitalisation in just a few participants are also bracing for muted commentary when the company announces its Q1FY26 results later today. Analysts expect management to address how IEX plans to adapt to the new regime, defend its platform stickiness, and explore possible diversification to mitigate regulatory proposed phased rollout will first test coupling across RTM, DAM, and Security Constrained Economic Dispatch (SCED) over a three-month pilot. If successful, it could lead to full-scale integration across market segments, permanently altering India's short-term electricity trade The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
Mint
2 hours ago
- Business
- Mint
IEX share price crashes 15%, hits lower price band. What's behind the fall?
IEX share price: The stock of Indian Energy Exchange (IEX) tumbled as much as 23% on Thursday, July 24, after the country's power regulator, Central Electricity Regulatory Commission (CERC), announced that it would roll out market coupling from next year onwards. IEX stock also remains in focus ahead of the announcement of its Q1 results today. IEX share price first hit the 10% lower price band of ₹ 169.10 on the BSE. But it soon extended losses and tanked 23% to ₹ 144.65. CERC, in an order late last evening, said it would implement the coupling of the day-ahead market (DAM) of the power exchanges in a round-robin mode by January 2026. Market coupling is an economic model used in energy markets to create a single, uniform price for electricity across different trading platforms or exchanges. The regulator's move is aimed at improving price discovery and system efficiency. CERC further added that given the shorter time for bid submission and running the market clearing engine, the decision to implement the coupling of real-time market (RTM) of the power exchanges shall be considered at a later stage, after gaining operational experience from the coupling of DAM. Stating its rationale behind the order, CERC said it would lead to uniform price discovery, better use of transmission lines and maximise overall benefit. Following this announcement, the IEX share price tanked to its lower price band as investors are fearful that the said move will hurt its market dominance. 'The move is a regulatory game-changer—it transfers price discovery from individual exchanges to a central clearing mechanism managed by the Grid Controller of India. This undermines IEX's historical dominance in setting spot electricity prices,' said Harshal Dasani, Business Head, INVasset PMS. Currently, IEX commands over 90% market share in DAM and RTM, both of which contribute significantly to its revenue. In FY24, DAM volumes alone were over 73 billion units, while RTM saw a 19% YoY growth. 'But with centralised price determination, the very role that made IEX indispensable—competitive price discovery—stands diluted. That means less trading advantage, lower transaction margins, and shrinking moats,' Dasani added. With the core business model under pressure and limited clarity on long-term profitability, markets have rightly reacted. For IEX, the days of monopoly-like pricing power may now be history, he said. Brokerage Bernstein cut its target price on IEX stock to ₹ 122 from ₹ 160, according to a media report. Analysts at the brokerage believe the impact will be felt on market share and, more importantly, on transaction charges, which would come down due to competitive intensity. With the moat of liquidity gone, now the only way for IEX to compete is through transaction charges, the brokerage believes.
Time of India
3 hours ago
- Business
- Time of India
IEX loss is PTC India's gain. Here's how power coupling impacts shareholders
PTC India shares jumped as CERC's approval of market coupling is seen benefiting its Hindustan Power Exchange stake, while IEX tumbled on fears of losing pricing dominance. The new regime will centralise power price discovery, potentially reshaping India's electricity trading landscape and impacting shareholder value. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of PTC India surged 8.8% to an intraday high of Rs 206.90 on the BSE on Thursday after the Central Electricity Regulatory Commission (CERC) officially approved the implementation of market coupling in India's electricity trading announcement triggered contrasting reactions across power exchange-linked counters, with shares of Indian Energy Exchange (IEX) falling sharply by 26% while PTC India gained ground due to its stake in Hindustan Power Exchange—one of the expected beneficiaries of the new coupling, as announced by the CERC late Wednesday, involves the centralised matching of bids from various power exchanges to arrive at a uniform market clearing price. This move is aimed at achieving price convergence across different electricity markets and streamlining the process of price begin with, the coupling will apply to the Day-Ahead Market (DAM) segment and will follow a 'round-robin' mode for operator rotation, with implementation targeted by January new system stipulates that all registered power exchanges will take turns acting as the market coupling operator, with Grid-India designated as the backup and audit operator. The CERC has further directed all exchanges to share data with Grid-India and support the phased phases may include coupling the real-time market and term-ahead market following additional consultations and pilot IEX is the dominant platform for electricity spot price discovery in India. However, under the new framework, other exchanges, including Hindustan Power Exchange , will also participate in market coupling is expected to dilute IEX's influence in the price discovery process and create more equitable market is anticipated that the regulatory change may affect IEX's long-held pricing advantage and trading volumes. As a result, IEX shares declined sharply during Thursday's session. In contrast, PTC India shares rallied as the market cheered the prospects of its associated platform, Hindustan Power Exchange, gaining relevance and visibility under the new market structure.'The move is a regulatory game-changer—it transfers price discovery from individual exchanges to a central clearing mechanism managed by the Grid Controller of India. This undermines IEX's historical dominance in setting spot electricity prices,' said Harshal Dasani, Business Head at INVasset, IEX commands over 90% market share in the Day-Ahead Market (DAM) and Real-Time Market (RTM), both of which contribute significantly to its revenue.'With centralised price determination, the very role that made IEX indispensable, competitive price discovery, stands diluted. That means less trading advantage, lower transaction margins, and shrinking moats,' he believes that with the core business model under pressure and limited clarity on long-term profitability, markets have rightly reacted. For IEX, the days of monopoly-like pricing power may now be history.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
3 hours ago
- Business
- Economic Times
IEX loss is PTC India's gain. Here's how power market coupling impacts shareholders
PTC India shares jumped as CERC's approval of market coupling is seen benefiting its Hindustan Power Exchange stake, while IEX tumbled on fears of losing pricing dominance. The new regime will centralise power price discovery, potentially reshaping India's electricity trading landscape and impacting shareholder value. Tired of too many ads? Remove Ads What is market coupling? Tired of too many ads? Remove Ads How will market coupling impact IEX? Tired of too many ads? Remove Ads Shares of PTC India surged 8.8% to an intraday high of Rs 206.90 on the BSE on Thursday after the Central Electricity Regulatory Commission (CERC) officially approved the implementation of market coupling in India's electricity trading announcement triggered contrasting reactions across power exchange-linked counters, with shares of Indian Energy Exchange (IEX) falling sharply by 26% while PTC India gained ground due to its stake in Hindustan Power Exchange—one of the expected beneficiaries of the new coupling, as announced by the CERC late Wednesday, involves the centralised matching of bids from various power exchanges to arrive at a uniform market clearing price. This move is aimed at achieving price convergence across different electricity markets and streamlining the process of price begin with, the coupling will apply to the Day-Ahead Market (DAM) segment and will follow a 'round-robin' mode for operator rotation, with implementation targeted by January new system stipulates that all registered power exchanges will take turns acting as the market coupling operator, with Grid-India designated as the backup and audit operator. The CERC has further directed all exchanges to share data with Grid-India and support the phased phases may include coupling the real-time market and term-ahead market following additional consultations and pilot IEX is the dominant platform for electricity spot price discovery in India. However, under the new framework, other exchanges, including Hindustan Power Exchange , will also participate in market coupling is expected to dilute IEX's influence in the price discovery process and create more equitable market is anticipated that the regulatory change may affect IEX's long-held pricing advantage and trading volumes. As a result, IEX shares declined sharply during Thursday's session. In contrast, PTC India shares rallied as the market cheered the prospects of its associated platform, Hindustan Power Exchange, gaining relevance and visibility under the new market structure.'The move is a regulatory game-changer—it transfers price discovery from individual exchanges to a central clearing mechanism managed by the Grid Controller of India. This undermines IEX's historical dominance in setting spot electricity prices,' said Harshal Dasani, Business Head at INVasset, IEX commands over 90% market share in the Day-Ahead Market (DAM) and Real-Time Market (RTM), both of which contribute significantly to its revenue.'With centralised price determination, the very role that made IEX indispensable, competitive price discovery, stands diluted. That means less trading advantage, lower transaction margins, and shrinking moats,' he believes that with the core business model under pressure and limited clarity on long-term profitability, markets have rightly reacted. For IEX, the days of monopoly-like pricing power may now be history.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Mint
3 days ago
- Business
- Mint
Anthem Biosciences IPO listing date today. GMP, analysts signal strong debut of shares in stock market today
Anthem Biosciences IPO Listing: Anthem Biosciences shares are set to make their debut in the Indian stock market today. The initial public offering (IPO) of specialized fermentation-based APIs manufacturer received stellar demand during its subscription period, and Anthem Biosciences IPO listing date is today. The public issue was open from July 14 to July 16, and Anthem Biosciences IPO allotment date was July 17. Anthem Biosciences IPO listing date is today, 21 July 2025. Anthem Biosciences shares will be listed today on both the stock exchanges, BSE and NSE. 'Trading Members of the Exchange are hereby informed that effective from Monday, July 21, 2025, the equity shares of Anthem Biosciences Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' Group of Securities,' a notice on the BSE said. Anthem Biosciences shares will be a part of Special Pre-open Session (SPOS) on Monday, July 21, 2025, it added, and the stock will be available for trading from 10:00 AM. Ahead of Anthem Biosciences IPO listing today, investors watch out for the trends in grey market premium (GMP) in order to gauge the estimated listing price of the shares. Anthem Biosciences IPO GMP today and analysts signal a strong debut of shares in the Indian stock market today. Here's what Anthem Biosciences IPO GMP indicates: The trends for Anthem Biosciences shares in the unlisted market remains bullish with a strong grey market premium. According to stock market experts, Anthem Biosciences IPO GMP today is ₹ 177 per share. This indicates that Anthem Biosciences shares are available at a premium of ₹ 177 apiece in the grey market than their issue price of ₹ 570 per share. Anthem Biosciences IPO GMP today signals that the estimated Anthem Biosciences share listing price would be ₹ 747 apiece, which is at a 31.05% premium to the IPO price of ₹ 570 per share. Analysts also expect Anthem Biosciences shares to list at a strong premium to its issue price on the stock exchanges. 'Anthem Biosciences is expected to make a strong debut on the stock exchanges. Given the robust investor demand during the IPO particularly from institutional investors, the shares suggest a potential listing in the range of ₹ 700 or higher, translating into a premium of around 20–25%,' said Mahesh M. Ojha, AVP - Research & Business Development, Hensex Securities Pvt. Ltd.. According to him, from a fundamentals perspective, a premium listing appears reasonable. Harshal Dasani Business Head, INVasset PMS, noted that over the weekend, Anthem Biosciences IPO GMP rose further to ₹ 165–170, indicating a likely listing price of ₹ 735–740, or a listing gain of approximately 29%. 'This level of interest reflects extraordinary investor conviction and places Anthem in an elite bracket of biotech listings in India. With no fresh issue component, there is zero dilution and no pressure to deploy new capital. If Q2 earnings keep pace and listing trends match market buzz, Anthem Biosciences could well position itself as the poster child of India's biotech resurgence,' said Dasani. The bidding for the Anthem Biosciences IPO opened on Monday, July 14, and closed on Wednesday, July 16. The IPO allotment date was July 17, and the Anthem Biosciences IPO listing date is today, 21 July 2025. Anthem Biosciences shares will be listed on BSE and NSE. The ₹ 3,395.00-crore Anthem Biosciences IPO was entirely an offer-for-sale (OFS) of 5.96 crore equity shares, issued at a fixed IPO price band of ₹ 570 per share. Anthem Biosciences IPO was subscribed 63.86 times in total, as per the NSE subscription data. The retail portion was booked 5.64 times, while the Non Institutional Investors (NII) segment was subscribed 42.36 times. The Qualified Institutional Buyers (QIBs) category received 182.65 times subscription. JM Financial is the book-running lead manager of the Anthem Biosciences IPO, while Kfin Technologies is the registrar for the issue. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
