Small-cap stock PTC India rallied nearly 9% in intraday deals on Thursday, July 24, as investors cheered the power regulator’s decision to implement market coupling from next year onwards. While this move elicited a sharp drop in IEX share price, which entered into a free fall, it gave PTC India investors a reason to cheer.
PTC India share price jumped as much as 8.80% on the BSE to ₹206.90 apiece in intraday deals today. This rally holds prominence as it comes despite a crash in the Indian stock market, as Sensex and Nifty lost nearly 0.70% each.
Why is PTC India stock rising amid fall in IEX shares?
According to analysts, IEX’s loss is PTC India’s gain!
Avinash Gorakshkar, a SEBI-registered fundamental analyst, said the recent decline in IEX shares can be attributed to the Central Electricity Regulatory Commission’s (CERC) new norm, set to be implemented from January 2026, introducing price coupling across all power exchanges.
Currently, there are three major power exchanges in India:
- Indian Energy Exchange (IEX): Holds approximately 85% market share;
- Hindustan Power Exchange (HPX): Promoted by PTC India, BSE, and ICICI Bank;
- Power Exchange India Ltd (PXIL): Promoted by NSE and NCDEX.
Gorakshkar noted that this regulation is likely to erode IEX’s market dominance, allowing newer and smaller players like HPX and PXIL to gain ground. “Among them, PTC India could emerge as a significant beneficiary, as even a modest increase in HPX’s market share could add meaningful value to PTC’s overall market capitalisation due to its relatively smaller size,” he added.
