Adani Gas hit an upper circuit limit of 20% at Rs 97.80 at 14:00 IST on BSE after the company said it bagged authorization to expand its city gas footprint in 13 new geographical areas.
The announcement was made during trading hours today, 21 November 2018.Meanwhile, the S&P BSE Sensex was down 245.48 points, or 0.69% to 35,229.03.
On the BSE, 17.70 lakh shares were traded in the counter so far compared with average daily volumes of 1.86 lakh shares in the past two weeks. The stock had hit a low of Rs 82 in intraday trade.
Adani Gas (AGL), the city gas distribution arm of the Adani Group, has bagged authorization from the Petroleum and Natural Gas Regulatory Board, Government of India to expand its city gas footprint in 13 new geographical areas (GAs) in the recently concluded 9th round of CGD bidding. In addition, the company has also won 9 GAs in its joint venture company with Indian Oil Corporation, i.e. Indian Oil - Adani Gas (IOAGPL).
Adani Gas is operating currently city gas distribution (CGD) network in 4 locations i.e. Ahmedabad, Baroda, Faridabad and Khurja. Its joint venture with IOCL is currently running CGD networks at Prayagraj, Chandigarh, Panipat, Udham Singh Nagar, Daman, Dharwad, Ernakulam, South Goa and Bulandshahr.
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With the Government of India planning to offer additional geographical areas for gas distribution in the Xth round involving 50 GAs comprising of 123 districts coupled with rapid urbanization, AGL is on track to become one of the largest private sector CGD companies of the world.
Adani Gas is developing and operating 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.
Shares of Adani Gas were listed on the stock exchanges on 5 November 2018. Last year, Adani Enterprises had announced demerger of its gas sourcing and distribution business into Adani Gas as part of its efforts to simplify the overall business structure. The shareholders of Adani Enterprises were allotted one equity share of Adani Gas (face value of Re 1) for each share held in Adani Enterprises.
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