IGL stock rallies 29 percent on high court order

June 1st, 2012 - 8:38 pm ICT by IANS  

Mumbai, June 1 (IANS) The Indraprastha Gas Ltd (IGL) scrip rallied 28.70 percent to Rs.249.35 after the Delhi High Court ruled in its favour Friday.

The court quashed an order of the Petroleum and Natural Gas Regulatory Board slashing the network tariff and compression charges with retrospective effect for CNG distributed by IGL in Delhi and adjoining areas, saying the regulator had no jurisdiction on setting gas tariffs.

The news led to a surge in the IGL stock price at the Bombay Stock Exchange, touching a high of Rs.270.95.

Stocks of other sector utilities also gained. Gujarat Gas rose 15.2 percent, while Petronet LNG was up 8.5 percent. GAIL India closed 3 percent higher.

Indraprastha Gas in March hiked the prices of CNG in Delhi by Rs.1.70 a kg and Rs.1.90 per kg in Noida, citing a rise in input cost as the factor.

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