Adani Total Gas hits new lifetime high; stock zooms 50% since March

The stock was up 16 per cent in past six trading sessions after the company announced its foray into electric mobility infrastructure sector.

Shares of Adani Total Gas had hit a new lifetime high of Rs 2,380, up 6 per cent on the BSE in Monday’s intra-day trade. The stock surged 16 per cent in the past six trading sessions after the company announced its foray into electric mobility infrastructure sector.

The stock had rallied 50 per cent from level of Rs 1,587 since March, as compared to 7 per cent rise in the S&P BSE Sensex.
On March 28, Adani Total Gas forayed into Electric Mobility by launching its first electric vehicle charging station (EVCS) in Ahmedabad, Gujarat. "We aim to expand electric mobility network by setting up 1500 EVCS across the country. We have kept an expansion plan ready to move beyond 1500 EVCS, on the basis of demand generation and momentum building of EV ecosystem in the country," the company said in a statement. 

Adani Total Gas is India’s leading private player in developing City Gas Distribution (CGD) networks to supply Piped Natural Gas (PNG) to industrial, commercial, domestic (residential) customers and Compressed Natural Gas (CNG) to the transport sector. Given its gas distribution mandate prior to the authorisation of 14 new Geographical Areas (GAs), ATGL caters to 38 Geographical Areas which account for 8 per cent of India’s population.

"We have received authorization letters for laying, building, operating and expanding CGD networks for many Geographical Areas (Gas, after participating in 11th CGD Bidding Round conducted by Petroleum and Natural Gas Regulatory Board (PNGRB)," said the company in a March 22 press release. CLICK HERE FOR RELEASE