Why IEX, ICICI Securities and Bharti Airtel bloomed amid the broader gloom

At a time when the Covid-19 pandemic has paralysed economic activity in the country, a handful of companies have managed to buck the trend. These include Indian Energy Exchange (IEX), ICICI Securities and Bharti Airtel. ET Intelligence Group finds out what has worked for them.

IEX
With almost a monopoly in the short-term (ST) power market, IEX has reported higher purchases as several buyers seek to take advantage of lower power tariffs in the current scenario. According to analysts, states are opportunistically replacing their long-term power purchases. In the March quarter, IEX reported a 40 per cent year-on-year jump in volumes. After falling by 7 per cent in April, it has again picked up by 66 per cent in the fi rst two weeks of May. The ST market grew by 11 per cent annually in the past five years, nearly twice that of the overall market. But, its share in the total market is jut 10-12 per cent compared with 30-90 per cent in some of the developed markets. This offers room for growth. At