Small-cap stock to buy: The Sensex and Nifty began high on Thursday, June 13, buoyed by solid industrial output (IIP) figures and hopeful economic data. During early trade, the 30-share BSE Sensex rose 387.06 points to 76,993.63, while the NSE Nifty added 117.40 points to 23,440.35. 

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Meanwhile, brokerage Motilal Oswal has chosen Indian Energy Exchange (IEX) as its technical pick. The brokerage suggests buying IEX shares for 2-3 days.

IEX share price target

The brokerage suggests buying this stock for 2-3 days and keeping the target price at Rs 185. This means the shares of IEX can gain up to 7 per cent from its last closing price of Rs 173.55 on Wednesday, June 12.

Shares of IEX were trading at Rs 179.25 each, up 3.3 per cent on BSE today, June 13 at 2.22 PM IST.

IEX Q4 earnings

IEX posted a 9.5 per cent rise in consolidated profit after tax at Rs 96.7 crore for the March 2024 quarter on account of higher income. It had clocked Rs 88.34 crore profit after tax (PAT) during the fourth quarter of the last fiscal, the company said in an exchange filing on Wednesday.

The company's total income rose to Rs 149.28 crore, from Rs 129.58 crore in January-March FY23.

The board of directors of the company also announced a final dividend of Rs 1.5 for FY24. 

IEX stock performance

The stock has given good returns in the last one year. The stock gained around 40 percent in a year. The stock has shown a rise of 17 per cent in the last six months. The return in three months was 35 per cent. The stock has given returns of about 23 per cent in the last one month. The 52 week high of the stock on BSE is 181.70 and low is 119. The market cap of the company is more than Rs 16,108 crore.

The views/suggestions/advices expressed here in this article are solely by brokerage firm. Zee Business suggests its readers consult their investment advisers before making any financial decision.