Contents: Indian Energy Exchange | Long-term play in Short-Term market Summary .................................................................................................................. 3 India's ST Power market accounts for 1011% share................................................ 7 ST market: An inherent dependence remains........................................................... 9 Exchanges v/s other platforms: Flexibility an advantage........................................ 13 Expect PAT growth of 19% CAGR as volumes rise ................................................... 22 Diversifying into gas markets and other products .................................................. 27 Valuation: Buy, with TP of INR250/sh..................................................................... 28...