November 2, 2018 / 4:55 AM / 11 days ago

BUZZ-India's Indraprastha Gas hits near 1-mth high after top court verdict

** Shares of city gas distributor Indraprastha Gas Ltd rise as much as 5.3 pct to 293.95 rupees, their highest since Sept. 3

** India's Supreme Court has enabled the takeover of Haryana City Gas Distribution Ltd by co based on an independent valuation by Deloitte Haskins and Sells LLP, co said here on Thursday

** Nomura analysts say access to Gurgaon (in Haryana) can boost volume outlook higher and longer, adding that the co could fast-track development of its network in Gurgaon

** Citi analysts write that 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 rates the stock ‘buy’ with PT of 320 rupees

** More than 2.7 mln shares traded as of 0447 GMT, 1.2 times their 30-day moving avg of around 2.3 mln shares

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