Adani Transmission, Adani Total Gas up 5% for fourth straight trading day

Shares of (Rs 1,238.10) and Adani Total Gas (Rs 1,174.25) were locked in an upper circuit of 5 per cent for the fourth straight trading day on the BSE. Furthermore, only buyers were seen on these counters. In comparison, the S&P BSE Sensex was up 0.44 per cent at 55,797 points at 12:34 pm.

These stocks were quoting higher for the eighth straight trading day on the bourses. Thus far in the month of August, has rallied 37 per cent, while Adani Total Gas has surged 32 per cent on the BSE, against a 6 per cent rise in the benchmark index.

Despite a rally this month, Adani Total Gas and are down 30 per cent and 25 per cent from their respective all-time highs. Adani Total Gas had hit a record high of Rs 1,680 on June 4, 2021, while Adani Transmission had hit an all-time high of Rs 1,647.70 on June 7, 2021.

A sharp decline from record-high levels began after heavy selling pressure following a report that was later denied by the Group. The Group, on the other hand, said it is expecting double-digit growth in the financial year 2021-22 (FY22) across its verticals, including electricity generation, ports, and renewable energy.

On Friday, August 20, 2021, Adani Total Gas – the city gas joint venture of and Total Energies of France – acquired a 50 per cent stake in a company that manufactures gas meters to aid its gas retailing business.

The firm bought 50 per cent in Smartmeters Technologies Pvt Ltd (SMTPL) for Rs 1 crore, according to a company’s filing to stock exchanges. SMTPL is engaged in the business of manufacturing of smart measuring instruments like prepaid smart gas meter, AMR etc., and its allied products with end-to-end solutions. The acquisition is expected to be completed by September 2021, the company said.

Meanwhile, Adani Ports and Special Economic Zone, Adani Enterprises, Adani Power and Adani Green Energy among other Group stocks were trading higher in the range of 1 per cent to 3 per cent on the BSE.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Share Market Today