Adani Group Stock Hits 3rd Consecutive Upper Circuit, Rallies 116% In 2-Weeks

Large cap Adani Group Stock Adani Total Gas touched 10% upper circuit in trade today when the stock price soared to 1159.00 per share. Adani Total Gas shares also saw spurt in volume by more than 1.63 times.

Current market price of Adani Total Gas share on BSE is Rs 1151.95 apiece with intraday gain of 9.33%. Adani Total Gas has a market capitalisation of Rs 1,26,566.14 crore. Check details below:

Adani Total Gas Stock Performance & Return: Current market price of Adani Total Gas share on BSE is Rs 1150.10 apiece with intraday gain of 9.15%. Its 52-week high price is Rs 3998.35 per share and 52-week low price is Rs 521.95 per share, respectively. It is worth mentioning that Adani Total Gas shares hit 3rd consecutive upper circuit today. The company's market capitalisation is Rs 1,26,505.65 crore.

Adani Total Gas shares soared 62% in last 1-week, gained 116% in last 2-weeks, and jumped 112% in last 1-month. In last 3-months, Adani Total Gas stock rallied 78% and rose 69% in last 6-months. Adani Total Gas shares fell 69% in last 1-year and declined 29% in last 2-years.

Earlier last month on November 28, 2023, the company announced the initiation of a pioneering 'Green Hydrogen Production and Blending Pilot Project'. As part of the project, ATGL will employ the latest technologies to blend Green Hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers at Ahmedabad, Gujarat. GH2 is produced using electrolysis of water with electricity generated by renewable energy. Hydrogen blending is less carbon intensive than burning gas but has the same heating capabilities.

The project is expected to be commissioned by Q1 FY24-25 and the percentage of green hydrogen will be gradually increased in the blend to upto 8% or more, depending on regulatory approvals.

Adani Total Gas Financials: The company on October 31 declared a surge of 8% year-on-year (YoY) in its consolidated net profit to Rs 173 crore for the July-September quarter. The company's consolidated revenue from operations witnessed a reduction by1% YoY to Rs 1179 crore. The company's total expenses for the quarter under consideration was announced at Rs 964 crore as against Rs 1013 crore declared in the corresponding quarter of last year. Meanwhile, EBITDA soared 22% YoY to Rs 289 crore for July-September quarter.

About: Adani Total Gas Limited (ATGL) is a part of the diversified Adani Group, one of India's leading business houses and is India's leading private operator in gas distribution. ATGL is developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial and domestic (residential) customers and compressed natural gas (CNG) to the transport sector. Given its gas distribution mandate catering to 38 Geographical Areas (GAs), which account for 8% of India's population, ATGL plays a significant role in the nation's efforts to enhance the share of natural gas in its energy mix.

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