Shares of Indraprastha Gas Ltd ended almost 9 per cent higher as the Supreme Court today dismissed the appeal of PNGRB filed against the Delhi High Court decision by which the regulator's order of fixing the prices of CNG and PNG in Delhi and adjoining areas was quashed.
After surging 16.47 per cent to Rs 486.65 in intra-day trade, shares of IGL finally ended with a gain of 8.98 per cent at Rs 455.30 on the BSE.
On NSE, shares of the company soared 8.97 per cent to settle at Rs 455.30.
The company's market value rose by Rs 525.21 crore to Rs 6,374.21 crore.
In terms of volume, 12.22 lakh shares of the company changed hands at the BSE, while over 84 lakh shares were traded at the NSE during the day.
A bench headed by Justice Dipak Misra rejected the appeal of Petroleum and Natural Gas Regulatory Board (PNGRB) that it has the right to determine the prices of compressed natural gas (CNG) and piped natural gas (PNG).
On June 1, 2012, the High Court had set aside the April 9, 2012 order of PNGRB slashing the network tariff and compression charges for CNG distributed by IGL in the capital and adjoining areas, terming it as "illegal".
It came on a plea by IGL which contended that the PNGRB did not give it a hearing and calculated the tariff on the basis of the 2008 price levels for various inputs and charges.
IGL had pleaded against the regulatory board's decision to regulate its network tariff and selling price.
The board, in its order, had asked IGL to cut down its network tariff by 63 per cent with retrospective effect.
Meanwhile, in the broader market the BSE benchmark Sensex ended at 28,020.87, up 240 points.
