Indraprastha Gas Limited (IGL) is trading higher by 5% at Rs 203 ahead of the Delhi High Court decision on the company’s case against Petroleum and Natural Gas Regulatory Authority (PNGRB).
The Delhi High Court is likely to deliver verdict on the case between the gas utility firm and government regulator Petroleum and Natural Gas Regulatory Board (PNGRB) today.
IGL, the sole distributor of CNG (compressed natural gas) and PNG (piped natural gas) in Delhi and adjoining areas, in its petition had challenged the regulator's order terming it to be invalid. It had contended that the regulator had no right to fix the network tariff and compression charge for CNG supplied by it to consumers.
In April, the regulator (PNGRB) had ordered IGL to cut network tariff by around 60% retrospectively from April 2008.
A combined 721,800 shares have changed hands on the counter so far on the NSE and BSE.
