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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.
