On the BSE, 4.89 lakh shares were traded in the counter so far compared with average daily volumes of 2.11 lakh shares in the past two weeks.

The counter saw demand after the company on Wednesday announced a strategic divestment of 26% of its equity holding in Indian Gas Exchange (IGX) to National Stock Exchange of India and additional 5% equity holding to ONGC. Under the agreement, NSE will purchase 1,92,07,500 equity shares having a face value of Rs 10 each representing 26% stake of IGX from IEX for Rs 19.20 crore. Further, ONGC will purchase 36,93,750 equity shares representing 5% stake in IGX from IEX for Rs 3.69 crore.

Earlier this year, IEX announced the strategic investments of 5% each by leading players in the gas value chain – Adani Total Gas, Torrent Gas and GAIL (India) in IGX.

IGX, a subsidiary of IEX, is India's first automated national-level gas exchange for physical delivery of natural gas, envisions to architect India as a market-based gas economy. The exchange currently offers trade in five contracts, including daily, weekly, weekday, fortnightly and monthly, at three physical hubs - Hazira and Dahej in Gujarat and KG Basin in Andhra Pradesh.

On the technical front, the stock's RSI (relative strength index) stood at 74.32. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 265.22 and 235.98 respectively. These levels will act as crucial support zones in near term.

IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates. The company's consolidated net profit grew by 39.5% to Rs 58.14 crore on 42.8% rise in net sales to Rs 85.23 crore in Q3 FY21 over Q3 FY20.