Adani Gas hits 20% upper circuit on project wins
Shares of Adani Gas climbed as much as 20 percent to Rs 97.80 on Wednesday, highest since their market debut on November 5.
The stock climbed for a second consecutive day.
The BSE on Monday revised stock’s price band to 20 percent effective Nov 20 from 5 percent earlier.
“Adani Gas, an arm of Adani Group, wins 13 city gas distribution projects. Adani Gas 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 CorporationNSE 1.65 %, i.e. Indian Oil - Adani Gas Ltd. (IOAGPL),” the company said in a BSE filing.
Pranav Adani, Managing Director, Agro, Oil and Gas, Adani Group in a release said, “Government of India has set itself a target to increase the share of natural gas in India’s primary energy mix to 15 percent till 2022 from the 6.5 percent in 2015.
Given the pressing need for energy security in the country, natural gas is set to play a critical role in India’s energy strategy. With authorization to develop gas infrastructure and distribute natural gas in 13 new geographic areas in AGL and 9 GA...