IGL rallies post SC order on PNGRB issue

A combined 4.36 million shares have already changed hands so far, agaisnt an average sub one million shares were traded in past two weeks

Indraprastha Gas Limited (IGL) has rallied 6% to Rs 254 on the back of huge volumes on reports that the Supreme Court has refused to put on hold the Delhi High Court order on the plea of Petroleum and Natural Gas Regulatory Board (PNGRB) over the fixation of the maximum retail price, network tariff and compression charges for the gas by the regulator.

The high court, on June 1, had ruled that the PNGRB has no power to fix or regulate the maximum retail price at which the gas has to be sold by the entities to the consumers, the report suggests.

The stock opened at Rs 243 and hit a high of Rs 261 on the NSE. A combined 4.36 million shares have already changed hands on the counter till early noon deals, as against an average sub one million shares that were traded daily in past two weeks.