Adani Total Gas resumes uptrend; hits record high

Adani Total Gas jumped 3.66% to Rs 1,879.10, as the scrip resumed its uptrend after a day's pause.

The stock fell 0.24% in previous trading session to end at Rs 1,812.70. The counter hit a record high of Rs 1,895 in today's trading session. The stock has moved 501% from its 52-week low of Rs 315 posted on 22 December 2020.

Shares of Adani Total Gas have advanced 14.2% in one month as compared to a 4.45% fall in benchmark Nifty 50 index. On a year-to-date (YTD) basis, the stock has zoomed 405% while the benchmark Nifty has added 23.7% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 73.422. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1543.57, 1357.71 and 1222.59 respectively.

Adani Total Gas is one of India's leading private players 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.

On a consolidated basis, the company's net profit jumped 17.72% to Rs 158.12 crore on a 55.68% surge in revenue from operations to Rs 686.80 crore in Q2 FY22 over Q2 FY21.

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