This Adani group stock has nearly doubled investor wealth in 8 days

Shares of Adani Total Gas zoomed 20 per cent to Rs 1,053.80 in intraday trade today on the back of heavy volumes

Shares of Adani Total Gas (ATGL) continued their upward movement on the bourses on Wednesday, surging 20 per cent to Rs 1,053.80 on the BSE in the intraday trade, on the back of over three-fold jump in trading volumes. A combined 14.68 million equity shares have changed hands on the NSE and BSE till 10:59 AM.

The stock of Gautam Adani-led group company has soared 50 per cent in the past three trading days following positive news flow, and the landslide victory of the Bharatiya Janata Party (BJP) in three state elections. 

A sharp rally has also been witnessed in other Adani group companies in anticipation that India will witness a stable government post the general election in 2024. Additionally, Bloomberg has reported that a US agency has concluded accusations against the conglomerate, levelled by Hindenburg Group, as irrelevant. READ HERE

Since November 24, that is in eight trading session, the market price of ATGL has zoomed 99 per cent from a level of Rs 530.75, after the company launched green hydrogen blending pilot project at Ahmedabad.

ATGL is one of India's leading business houses, and is India's leading private operator in gas distribution. ATGL is developing city gas distribution (CGD) networks to supply piped natural gas (PNG) to industrial, commercial and domestic (residential) customers, and compressed natural gas (CNG) to the transport sector.

As part of the project, ATGL will employ the latest technologies to blend Green Hydrogen (GH2) with natural gas for over 4,000 residential and commercial customers at Ahmedabad, Gujarat. GH2 is produced using electrolysis of water with electricity generated by renewable energy. Hydrogen blending is less carbon intensive than burning gas but has the same heating capabilities.

"The project is expected to be commissioned by Q1 FY24-25, and the percentage of green hydrogen will be gradually increased in the blend to up to 8 per cent or more, depending on regulatory approvals. After successfully completing the pilot, hydrogen blended fuel will be supplied stepwise to larger parts of the city and other license areas of AGTL," the company said in press release.

Besides ATGL, the stock prices of Adani Green Energy, and Adani Energy Solutions have surged 56 per cent and 45 per cent, respectively, in the past three days. These stocks have zoomed 72 per cent in the past eight trading days.

In an exchange filing, after market hours on Tuesday, Adani Energy Solutions announced that the meeting of the board of directors of the company is scheduled on Friday, December 8, 2023.

Meanwhile, Adani Enterprises, Adani Power, Adani Ports, and New Delhi Television (NDTV) have surged between 31 per cent and 36 per cent in the past three trading days.

According to the Bloomberg report, the US government determined Hindenburg Research's accusations of corporate fraud against Gautam Adani were unsubstantiated before extending his business empire as much as $553 million for a container terminal in Sri Lanka.