Bernstein upgrades Indian Energy Exchange to 'Market-Perform'
BUZZ-Bernstein upgrades Indian Energy Exchange to 'Market-Perform' ** Bernstein upgrades Indian Energy Exchange IIAN.NS to "Market-Perform" from "Underperform"; cuts price target to 110 rupees from 115 rupees
** Shares up 2.8% at 107.85 rupees
** Brokerage says market coupling in India's power exchanges appears inevitable, but expects implementation to be delayed to the end of FY28, citing potential legal and operational hurdles
** Notes the expected coupling-related loss of market share and softer transaction charges are largely reflected in IIAN's valuation at current levels
** Flags transaction-charge regulation as a longer-term overhang, though says the near-term risk is limited as the regulator may wait for market-coupling implementation
** Expects IIAN volume growth to remain soft over the next few months, citing supply constraints including weak hydropower generation and coal shortages
** YTD, shares down 19.9%
(Reporting by Mridula Kumar in Bengaluru)
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