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Shares of city gas distributor, Indraprastha Gas Ltd, jumped as much as 5.3 per cent to Rs 293.95, their highest since September 3.
The Supreme Court has enabled the takeover of Haryana City Gas Distribution Ltd by the company based on an independent valuation by Deloitte Haskins and Sells LLP, Indraprastha Gas had said in a BSE filing on Thursday.
Nomura analysts say access to Gurgaon (in Haryana) can boost the volume outlook higher and longer, adding that the company could fast-track development of its network in Gurgaon.
According to Citi analysts, Indraprastha Gas “offers steady volume growth, sustained pricing power, and high earnings visibility; in addition, besides this latest development, it could also benefit from further policy actions to address Delhi's rising pollution problems.”
Citi has given 'buy' rating with a price target of Rs 320. More than 2.7 million shares traded as of 0447 GMT, 1.2 times their 30-day moving average of around 2.3 million shares.
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