Bernstein upgrades IEX: Sees delay in market coupling lowering near-term pressures
Bernstein upgraded Indian Energy Exchange to ‘Market-Perform’ from ‘Underperform’ but lowered its target price to Rs 110 from Rs 115. Legal and operational delays have pushed market coupling to FY28 for day-ahead trading and FY29 for real-time trading, postponing pressure on market share and transaction charges.