Adani Total Gas hits record high; bucks weak market trend

Adani Total Gas (ATGL) jumped 6.54% to Rs 1127.45, extending its winning run to fifth consecutive trading session.

Shares of ATGL have zoomed nearly 28% in five trading sessions from its previous closing low of Rs 882.1 on 25 March 2021. The counter hit a record high of Rs 1,149.95 in intraday today. The stock has zoomed 1166% from its 52-week low of Rs 89 recorded on 3 April 2020.

Meanwhile, the benchmark index, S&P BSE Sensex tumbled 1036.5 points or 2.07% to 48,993.83 amid broad based sell off.

On the technical front, the stock's RSI (relative strength index) stood at 91.117. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 592.14 and 467.66 respectively. These levels will act as crucial support zones in near term.

ATGL is engaged 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. The company's consolidated net profit jumped 26.25% to Rs 145.87 crore on 0.67% rise in revenue from operations to Rs 522.27 crore in Q3 FY21 over Q3 FY20.

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