Indraprastha Gas spikes up

Indraprastha Gas is doing well today morning, opening at an intra day high at Rs.435 and it is currently around Rs.420 levels, up over 2%.

The stock is reacting to the gas price hike. Following this price rise, the company has informed that its CNG price will go up by Rs.4.50/unit and domestic gas or LPG prices will rise by Rs.2.66/unit. /

The ongoing pending Supreme Court verdict on the company’s dispute with Petroleum and Natural Gas Regulatory Authority Board (PNGRB) on pricing continues to remain an overhang. PNGRB had ordered a slash in transmission and compression charges and the company is contesting the same, stating that PNGRB does not have the authority to determine the tariff. The case only keeps on extending its dates and once again that the next date of listing in the matter is November 11, 2014, as per case status available on the website of Supreme Court of India