Adani Total Gas hits record high; rises 17% in six days

Adani Total Gas jumped 5.79% to 1,524, extending its winning run to sixth consecutive trading session.

Shares of Adani Total Gas have rallied 17.8% in six trading days from its previous closing low of Rs 1293.75 on 25 May 2021. The counter hit a record high of Rs 1,524 in intraday today. The stock has soared 1191% from its 52-week low of Rs 118 hit on 2 June 2020.

In last one month, Adani Total Gas has jumped 32.5% compared with 6% rise in Nifty 50 index.

On the technical front, the stock’s RSI (relative strength index) stood at 75.164. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1162.15 and 817.78 respectively. These levels will act as crucial support zones in near term.

Adani Total Gas is one of India’s leading private players in developing City Gas Distribution (CGD) networks to supply Piped Natural Gas (PNG) to Industrial, Commercial, Domestic (residential) customers and Compressed Natural Gas (CNG) to the transport sector.

The company announced strong Q4 results on 4 May 2021. Its consolidated net profit jumped 18.6% to Rs 144.82 crore on 26.4% surge in net sales to Rs 584.48 crore in Q4 FY21 over Q4 FY20. On a standalone basis

Business Standard
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