Indraprastha Gas is trading optimistic ahead of High Court judgment on company’s case against Petroleum and Natural Gas Regulatory Authority (PNGRB), today. The monopoly supplier of compressed natural gas in Delhi/NCR has filed a petition in the court against the PNGRB’s verdict to regulate its network tariff and selling price.
PNGRB, in its order on April 9, had not only fixed the charges with retrospective effect from April 1, 2008 but had also ordered IGL to refund extra money, charged by it, to customers since 2008. The regulatory board has fixed IGL's pipeline network transportation tariff at Rs 38.58 per million metric British thermal unit (mmBtu) as against Rs 104.05 per mmBtu proposed by IGL. The order, if implemented, with retrospective effect, may hit IGL by Rs 1,000 crore.
Indraprastha Gas is currently trading at Rs 201.60, up by 7.85 points or 4.05% from its previous closing of Rs. 193.75 on the BSE.
The scrip opened at Rs 194.80 and has touched a high and low of Rs 202.80 and Rs 194.80 respectively. So far 178468 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 453.25 on 07-Sep-2011 and a 52 week low of Rs 170.00 on 10-Apr-2012.
Last one week high and low of the scrip stood at Rs 209.85 and Rs 192.50 respectively. The current market cap of the company is Rs 2822 crore.
The promoters holding in the company stood at 45.00% while Institutions and Non-Institutions held 39.76% and 15.24% respectively.
The company has filed a petition alleging PNGRB for usurping the state function by misinterpreting the legal provisions. The company is of the view that oil and gas regulator lacked the power to fix network tariff and compression charge for PNG and CNG, which, in any case, cannot be exercised with 'retrospective' effect. However, even if assumed that such power existed, then the price fixation has to be implemented with prospective effect.
| Company Name | CMP |
|---|---|
| Gujarat Gas | 462.00 |
| Indraprastha Gas | 312.15 |
| Mahanagar Gas | 1157.05 |
| Adani Total Gas | 609.45 |
| Guj. State Petronet | 331.80 |
| View more.. | |
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