Indraprastha Gas Limited (IGL) has rallied 7% at Rs 277, extending its past two day’s 7% rally after the Supreme Court has refused to stay the order of the Delhi High Court in the case involving IGL and gas regulator.
The Dehi High Court had ruled that the Petroleum and Natural Gas Regulatory Board did not have the power to fix any component of network tariff or compression charges for any entity having its own distribution network.
According to analyst at Prabhudas Lilladher, upgrade the stock from ‘Accumulate’ to ‘Buy” with target price of Rs 310 per share. Analyst believes that tariff cut will not be retrospective and any future regulatory interference is likely to be less punitive.
As many as a combined 3.7 million shares have already changed hands on the counter so far, against an average around 1.3 million shares that were traded daily in past ten trading days on the NSE and BSE.
