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Adani Transmission, Adani Total Gas up 5% for fourth straight trading day

Thus far in the month of August, Adani Transmission has rallied 37 per cent, while Adani Total Gas has surged 32 per cent on the BSE, against 6 per cent rise in the S&P BSE Sensex

SI Reporter Mumbai

2 min read Last Updated : Aug 24 2021 | 1:03 PM IST

Shares of Adani Transmission (Rs 1,238.10) and Adani Total Gas (Rs 1,174.25) were locked in an upper circuit of 5 per cent for the fourth straight trading day on the BSE. Furthermore, only buyers were seen on these counters. In comparison, the S&P BSE Sensex was up 0.44 per cent at 55,797 points at 12:34 pm.

These stocks were quoting higher for the eighth straight trading day on the bourses. Thus far in the month of August, Adani Transmission has rallied 37 per cent, while Adani Total Gas has surged 32 per cent on the BSE, against a 6 per cent rise in the benchmark index.

Despite a rally this month, Adani Total Gas and Adani Transmission are down 30 per cent and 25 per cent from their respective all-time highs. Adani Total Gas had hit a record high of Rs 1,680 on June 4, 2021, while Adani Transmission had hit an all-time high of Rs 1,647.70 on June 7, 2021.

A sharp decline from record-high levels began after heavy selling pressure following a report that was later denied by the Group. The Group, on the other hand, said it is expecting double-digit growth in the financial year 2021-22 (FY22) across its verticals, including electricity generation, ports, and renewable energy.

On Friday, August 20, 2021, Adani Total Gas - the city gas joint venture of Adani Group and Total Energies of France - acquired a 50 per cent stake in a company that manufactures gas meters to aid its gas retailing business.

The firm bought 50 per cent in Smartmeters Technologies Pvt Ltd (SMTPL) for Rs 1 crore, according to a company's filing to stock exchanges. SMTPL is engaged in the business of manufacturing of smart measuring instruments like prepaid smart gas meter, AMR etc., and its allied products with end-to-end solutions. The acquisition is expected to be completed by September 2021, the company said.

Meanwhile, Adani Ports and Special Economic Zone, Adani Enterprises, Adani Power and Adani Green Energy among other Group stocks were trading higher in the range of 1 per cent to 3 per cent on the BSE.