Adani Total Gas Shares Surge 18% As Rally In Group Stocks Continues
The stock rose as much as 17.98% during the day to Rs 760 apiece on the NSE.
Shares of Adani Total Gas Ltd. surged as much as 18% on Wednesday as the rally in group stocks continued after the Supreme Court ended hearing in the Adani-Hindenburg matter last week.
The Adani Group stocks added over Rs 56,000 crore in market value in morning trading. That conglomerate had added about Rs 1.34 lakh crore in investor wealth on Tuesday in its best day in about 19 months.
Adani Total has also announced green hydrogen blending pilot project in Ahmedabad. It will blend green hydrogen—produced via electrolysis of water and renewable power—for over 4,000 residential and commercial customers in the city.
"The project is expected to be commissioned by Q1 FY24-25 and the percentage of green hydrogen will be gradually increased in the blend to up to 8% or more, depending on regulatory approvals," it said in an exchange filing on Tuesday.
After successfully completing the pilot, hydrogen blended fuel will be supplied stepwise to larger parts of the city and other licenced areas of the company, it said.
Adani Total's stock rose as much as 17.98% during the day to Rs 760 apiece on the NSE. It pared gains to trade 12.7% higher at Rs 725.70 apiece compared to a 0.6% advance in the benchmark Nifty 50 as of 09.59 a.m. The stock hit the 20% upper circuit on Tuesday.
The total traded volume so far in the day stood at 28 times its 30-day average. The relative strength index was at 83.23, suggesting that the stock may be overbought.
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