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Indraprastha Gas Ltd has been attracting some value buying on the back of its expansion plans in its distribution network.

On Tuesday, the stock reached a high of Rs 137.40, before closing at Rs 129.90, a drop of 1.18 per cent over the previous day's close on the NSE. The Rs 10-stock, which had its 52-week peak at Rs 154, ended the day with volumes of about 31,000 shares.

IGL, co-promoted by energy majors BPCL and GAIL, is seen to be aiming at greater distribution reach, covering key centres in North India.

There is significant institutional interest in the counter - 23 per cent FII holding and 7 per cent-plus MF holding as on March 31.

Nilanjan Dey

More Stories on : Stocks | Ear to the ground | Petroleum

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