Shares of Adani Gas hit a new high of Rs 390, up 4 per cent on the BSE in intra-day trade on Wednesday in otherwise range-bound market. The stock of Adani Group integrated oil & gas company surpassed its previous high of Rs 382.50 touched on December 3, 2020.
In comparison, the S&P BSE Sensex was up 0.04 per cent at 47,633 levels at 10:58 am.
In the past three months, Adani Gas has zoomed 106 per cent, as compared to 25 per cent rise in the S&P BSE Sensex during the same period. The stock has skyrocketed 408 per cent from March low of Rs 76.70 on the BSE.
Adani Gas on November 6 announced a strategic collaboration with Italy-based Snam, Europe’s leading gas infrastructure company. Further, a non-binding agreement was signed between Snam and Adani Gas [a joint venture company of Adani Group and Total of France] to create a JV for setting-up a compressed natural gas (CNG) compressors manufacturing facility in India.
This would help in promoting the development of refueling infrastructure for sustainable mobility and fostering the use of natural gas, as envisioned by the Government of India, reports suggest.