 "Adani Gas hits new high on strong Q4 results; stock zooms 50% in seven days")
Adani Gas shares hit a new high of Rs 174, up 7 per cent in intra-day trade on the BSE on Wednesday in an otherwise subdued market. The stock has rallied 28 per cent in the past three trading days, after posting strong numbers in March quarter (Q4FY19) results. In comparison, the S&P BSE Sensex was up 0.65 per cent during the same period.
The Gautam Adani-led city gas distribution (CGD) on Monday reported a 91 per cent year-on-year (Y-o-Y) growth in consolidated net profit at Rs 75.75 crore in Q4FY19. It had a profit of Rs 39.65 crore in previous year quarter.
The company said it sold 14 per cent more CNG to automobiles and five per cent more piped cooking gas to household kitchens in the fourth quarter of 2018-19.
Operational revenue grew 25 per cent to Rs 494 crore as against Rs 395 crore in year-ago quarter. Operating earnings before interest tax depreciation and amortization (EBITDA) for the quarter was up 52 per cent to Rs 140 crore against Rs 92 crore in the corresponding previous quarter.
Adani Gas recently won additional geographical areas (GA) in the ninth and tenth rounds of CGD bidding. With these wins, the company is now authorised for 19 GAs and our joint venture with Indian Oil is now authorized for 19 GAs for natural gas network development and distribution, making us one of the leading CGD players in the country.
In the past seven days, the stock has zoomed 50 per cent from the level of Rs 116 on May, 17, after exit polls gave clear victory to the incumbent government with Prime Minister Narendra Modi set for another term. In comparison, the S&P BSE Sensex was up 5 per cent during the same period.
At 10:52 am, Adani Gas was trading 5 per cent higher at Rs 171 against a 0.12 per cent decline in the benchmark index. The trading volumes on the counter nearly doubled with a combined 4.62 million shares changing hands on the NSE and BSE so far.
The Gautam Adani-led city gas distribution (CGD) on Monday reported a 91 per cent year-on-year (Y-o-Y) growth in consolidated net profit at Rs 75.75 crore in Q4FY19. It had a profit of Rs 39.65 crore in previous year quarter.
The company said it sold 14 per cent more CNG to automobiles and five per cent more piped cooking gas to household kitchens in the fourth quarter of 2018-19.
Operational revenue grew 25 per cent to Rs 494 crore as against Rs 395 crore in year-ago quarter. Operating earnings before interest tax depreciation and amortization (EBITDA) for the quarter was up 52 per cent to Rs 140 crore against Rs 92 crore in the corresponding previous quarter.
Adani Gas recently won additional geographical areas (GA) in the ninth and tenth rounds of CGD bidding. With these wins, the company is now authorised for 19 GAs and our joint venture with Indian Oil is now authorized for 19 GAs for natural gas network development and distribution, making us one of the leading CGD players in the country.
In the past seven days, the stock has zoomed 50 per cent from the level of Rs 116 on May, 17, after exit polls gave clear victory to the incumbent government with Prime Minister Narendra Modi set for another term. In comparison, the S&P BSE Sensex was up 5 per cent during the same period.
At 10:52 am, Adani Gas was trading 5 per cent higher at Rs 171 against a 0.12 per cent decline in the benchmark index. The trading volumes on the counter nearly doubled with a combined 4.62 million shares changing hands on the NSE and BSE so far.
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