Adani Group Stock Soon To Go Ex-Dividend; Hits All Time High For Second Day

The conglomerate group now foraying into telecom is gathering all the attention, much like its Adani Total Gas scrip that in trade today has hit its all time high of Rs. 2815 per share.

The scrip is a large cap entity into the business of developing city gas distribution networks to supply piped natural gas to the industrial, commercial, domestic and compressed natural gas to the transportation sector.

The stock since the start of the year is making meaningful gains and its YTD return stands at 62% as against Nifty's return in the negative of close to 7%. The stock is a multibagger with a handsome return of 1604% in last 3-years and counted as among the biggest wealth creators.

The firm's revenue from operations at the end of the March quarter more than doubled YoY and net profit nearly halved.

The company lately received authorization letters from various Geographical Areas (GAs) for laying, building, operating and expanding CGD networks.

Now notably as per the technical analysis, after the stock has rallied significantly, the next big upmove seems doubtful.

As for the dividend part, the company shall turn ex-dividend for its Rs. 0.25 per share dividend on July 14, 2022.