IGL extends gain on plan to take over the natural gas supply in Gurugram

The stock rallied 6% to Rs 297, extending its 11% rally in past two days after the company agreed to take over the supply of natural gas in Gurugram district from Haryana City Gas Distribution.

Shares of Indraprastha Gas (IGL) have rallied 6% to Rs 297 per share on the BSE in early morning trade on Friday, extending their 11% rally in the past two trading days after the company agreed to take over the supply of natural gas in Gurugram district from Haryana City Gas Distribution (HCGDL). The Supreme Court has suggested that IGL take over the natural gas supply in Gurugram from  HCGDL.

“It is also agreed between the parties that the valuation of the ongoing concern including the infrastructure (pipeline, etc.) may be valued by an independent valuer such as Deloitte