IGL
Indraprastha Gas Ltd (IGL) at the beginning of trading yesterday, was the top gainer on the BSE. This was because it was awaiting a verdict from the Supreme Court over the government regulator Petroleum and Natural Gas Regulatory Board (PNGRB) tariff order. If one may recollect, last year on 1st June’12 , the Delhi High Court had ruled that the PNGRB did not have the power to fix any component of network tariff or compression charges for any entity having its own distribution network. PNGRB wanted tariff to be cut by around 60% and post the High Court order, it had filed a 'special leave petition' in the Supreme Court against the order of Delhi High Court on this issue. But proving to be a damp squib, the SC deferred this much anticipated decision to 16th April and as expected, the stock price crashed and ended the day in the red.
In terms of performance, for Q3FY13, YoY, topline grew 31% and overall sales volume was at 9% lowee than the 10% growth of Q2. QoQ, net profit fell 25% and this was despite the company hiking price of its products. This overhang of the Supreme court has kept the stock price largely subdued and once again, the stock price will remain under pressure, till 16th April.