Indraprastha Gas has rebounded to surge nearly 12% to Rs 302 on BSE on the back of heavy volumes after the stock was beaten down in the last two trading sessions. The stock opened at Rs 270 and has seen over five fold jump in trading volumes.
Indraprastha Gas is the top mid-cap gainer on the BSE. A combined 5.3 million shares have already chagned hands in the counter so far against an average around one million shares that were traded daily in past two weeks on BSE and NSE.
The stock had witnessed correction of nearly 7% on reports that the Supreme Court has deferred its case hearing against Petroleum and Natural Gas Regulatory Board (PNGRB) to April 16.
In April 2012, PNGRB had directed IGL to reduce compression charges and network tariffs. IGL had appealed against this order in Delhi High Court and the Court ruled in IGL favor. After this ruling, gas regulator PNGRB approaced the Supreme Court.
