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Adani Gas shares surged 19% today (Reuters)
Adani Gas shares surged 19% today (Reuters)

Adani Gas shares surge 40% in two days, hit new high

  • Adani Gas shares hit a fresh 52-week high today

Shares of Adani Gas today surged as much as 19% to 348, hitting a fresh 52-week high today and also extending gains to the fourth day. In the previous session, Adani Gas shares had surged about 20%. In two days, Adani Gas shares have logged gains over over 40% amid heavy volumes.

Bombay Stock Exchange had sought a clarification from Adani Gas Ltd with reference to movement in volumes.

Adani Gas in a communication to exchanges today said: "We would also like to clarify that there are no pending information / announcement, to be made; as of date. As per our understanding, fluctuation in the Share Price of the Company seems market driven. Also, we would like to reiterate that, in the event there is any development which requires disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015, we will make the same in accordance with regulatory requirement."

Earlier this month, the Adani Group had announced strategic collaboration with Italy-based Snam, Europe’s leading gas infrastructure company, for exploration of the hydrogen value chain in India and global markets, as well as the development of biogas, biomethane, and low-carbon mobility.

A non-binding agreement has been signed between Snam and Adani Gas Limited [a joint venture company of Adani Group and Total of France (formerly known as Total SA)] to create a joint venture for setting-up a CNG compressors manufacturing facility in India.

Adani Gas on November 3 had also signed a business transfer agreement for acquisition of the business undertaking pertaining to City Gas Distribution and retail sale of CNG that is being undertaken in Geographical Areas of Jalandhar, Ludhiana and Kutch (East).

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