Adani Total Gas share price jumped over 6% on Wednesday, in line with gains across city gas distribution (CGD) stocks, after the government approved an incentive scheme aimed at boosting domestic piped natural gas (PNG) connections. The Adani Group stock rallied as much as 6.20% to Rs 687.90 apiece on the BSE.
Under the scheme, CGD entities will receive additional domestically produced, lower-priced APM gas for every incremental billed domestic PNG connection achieved above a threshold set for their respective geographical areas.
The scheme will come into effect from September 1, 2026, and will be implemented in two tranches over six months. It is aimed at encouraging CGD companies to activate unused PNG connections and expand their networks into new areas, potentially improving network utilisation and supporting the addition of new customers.
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Eligible CGD entities will receive an additional 200 SCM of domestically produced APM gas for every incremental billed domestic PNG connection above the prescribed threshold.
For CGD players such as Adani Total Gas, Mahanagar Gas and Indraprastha Gas, the incentive could improve the viability of adding new household connections while supporting higher utilisation of their existing networks.
Technical View
Adani Total Gas share price has been consolidating within the Rs 688 – Rs 643 range since 23rd July.
“Adani Total Gas stock price is oscillating between its 20-day and 200-day EMA bands, reflecting a sideways bias. The ADX remains flat, indicating a lack of strong directional momentum, while the MACD line is below the zero line and moving sideways, further reinforcing the range-bound setup,” said Sudeep Shah - head of technical and derivatives research at SBI Securities.
According to him, a decisive breakout on either side of the Rs 688 – Rs 643 range will provide cues for the stock's next directional move.
At 1:00 PM, Adani Total Gas share price was trading 4.46% higher at Rs 676.60 apiece on the BSE.
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