IGL hits a new 52-week high

Indraprastha Gas Ltd (IGL) is back on the buzz today. The stock is up 1.38% at Rs.303.80, this is after having hit a new 52-week high at Rs.305.80.

The stock is up as once again today is the day when it is expected that Supreme Court will deliver the verdict today on 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.

This overhang of the Supreme court has kept the stock price largely subdued and if the verdict comes in today in favor the company, the price could zoom up further.