Adani Gas Shares Surge 19% On Heavy Trading Volumes
Shares of the Ahmedabad-based gas distribution company - Adani Gas - rose as much as 19 per cent to hit a fresh 52-week high of Rs 348 on the BSE on the back of heavy trading volumes. On the National Stock Exchange, the stock climbed as much as 18.98 per cent to hit a new 52-week high of Rs 347.80.
On the BSE, as many as 13.41 lakh shares changed hands compared with an average of 2.55 lakh shares traded daily in the past two weeks. Meanwhile, the stock exchange has sought clarification from the company with reference to the jump in volumes; the response is still awaited.
The company earlier this month reported that its profit in September quarter tripled sequentially to Rs 136 crore.
"Uninterrupted gas supply (24X7) was maintained during the quarter with adoption to the rapidly changing environment. Despite continued COVID-19 impact, combined volume of CNG and PNG was achieved at 131 MMSCM versus 146 MMCM in Q2 FY20; 90 per cent as compared to Q2 FY20," Adani Gas said in a press release.
Adani Gas stock price has surged nearly five times to Rs 348 from the low of Rs 76.70 hit in March this year.
As of 12:31 pm, Adani Gas was top gainer in the BSE 500 basket of shares, up 16.59 per cent at Rs 342.
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