IGL good medium to long term portfolio buy: Phani Sekhar

P Phani Sekhar of Karvy Stock Broking told CNBC-TV18, "A large part of the run in IGL has been done because it has almost doubled in a span of about 18 months or so. More importantly since it was not provisioning or it didn't actually lose out on any of the revenues there isn't any material accounting upside that you can see apart from the fact that an uncertainty or a hangover is now not there. So, apart from a little bit of valuation rerating I don't see much of an upside in the near term. However from a medium to long term perspective it remains a great portfolio buy."

On Wednesday Indraprastha Gas closed at Rs 455.30, up Rs 37.50, or 8.98 percent. It has touched an intraday high of Rs 486.65 and an intraday low of Rs 425.05.