 "Indraprastha Gas soars post Supreme Court order")
Shares of Indraprastha Gas have soared 18% to Rs 492 on the National Stock Exchange (NSE) in intra-day trades after the Supreme Court had dismissed the Petroleum and Natural Gas Regulatory Board (PNGRB) plea against the company.
"The Hon'ble Supreme Court of India has pronounced the judgement on July 01, 2015 and dismissed the special leave petition of Petroleum & Natural Gas Regulatory Board. Full text of the order is awaited," Indraprastha Gas said in a statement.
Earlier, In June 2012, the Hon'ble High Court of Delhi had also said PNGRB has no power to fix any component of network tariff or compression charges for any entity having its own distribution network, such as the petitioner.
Earlier, In June 2012, the Hon'ble High Court of Delhi had also said PNGRB has no power to fix any component of network tariff or compression charges for any entity having its own distribution network, such as the petitioner.
According to analysts, Indraprastha Gas’ margins are expected to improve due to the favourable judgment from the Supreme Court.
At 1135 hours, the stock was up 11% at Rs 463 and has seen a combined around 6.4 million shares changing hands on the counter on the NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%