I G Petrochemicals spurts after favourable ruling in Supreme Court

I G Petrochemicals rose 5.78% to Rs 70.50 at 14:01 IST on BSE after the company said that the case for valuation of domestic tariff area sales pending before the Supreme Court has been decided in the company's favour.

The announcement was made during market hours today, 17 April 2015.

Meanwhile, the S&P BSE Sensex was down 98.93 points or 0.35% at 28,567.11.

On BSE, so far 89,000 shares were traded in the counter as against average daily volume of 13,750 shares in the past one quarter.

The stock hit a high of Rs 75.15 and a low of Rs 65 so far during the day. The stock had hit a 52-week high of Rs 88 on 23 September 2014. The stock had hit a 52-week low of Rs 24 on 9 May 2014.

The stock had outperformed the market over the past one month till 16 April 2015, surging 16.11% compared with Sensex's 0.8% rise. The scrip had also outperformed the market in past one quarter, jumping 20.96% as against Sensex's 1.93% rise.

I G Petrochemicals said that the favourable verdict from the Supreme Court absolves the company of the contingent liabilities related to excise and customs duties to the extent of Rs 128.75 crore pending before the Supreme Court, disputes in appeals and show cause notices received from the concerned departments.

I G Petrochemicals reported net loss of Rs 18.30 crore in Q3 December 2014 compared with net profit of Rs 1.18 crore in Q3 December 2013. Net sales declined 22.8% to Rs 263.37 crore in Q3 December 2014 over Q3 December 2013.

I G Petrochemicals is exclusively in the organic chemical segment.

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