Adani Gas climbs 6% in three days

Adani Gas rose 3.10% to Rs 174.45, extending recent gains on strong buying support.

Shares of Adani Gas rose 6.37% in three consecutive trading sessions from a recent closing low of Rs 164 on Friday, 10 January 2020.

On the technical front, the stock's RSI (relative strength index) stood at 62.796. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

On a consolidated basis, Adani Gas reported 137% jump in net profit to Rs 120.06 crore on 11.7% rise in net sales to Rs 472.57 crore in Q2 September 2019 over Q2 September 2018.

Adani Gas is into the business of developed of natural gas. The firm develops a network for city gas distribution networks to supply piped natural gas to the industrial, commercial, domestic and compressed natural gas to the transportation sector. The company has already set up city gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh.

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