Indraprastha Gas Ltd (IGL) is buzzing loud and strong today, figuring amongst the top five gainers on the BSE. The stock price rose 4.5% to Rs.1315.75, not very far from its 52-week high of Rs.1350.

The news is not yet officially confirmed but grapevine has it that IGL, India Oil-Adani Gas and HPCL-Oil India JV are set to win licenses to distribute gas in one city each in the latest round of auction. IGL is expected to win the Karnal, Haryana gas distribution license.

In this auction, every bidder submitted a bid of 1 paisa as network tariff, as has become the norm for years, allowing the winner to be decided by the quantum of performance guarantees submitted. IGL submitted highest performance bond of Rs 306 crore for Karnal.