Adani Gas shares jump 40% in two days, creates a new record

Shares of Adani Gas jumped 19% to Rs 348, hitting a new 52-week high today. It extended gains to the fourth consecutive day. Previously, Adani Gas share jumped by 20%.

In just two days, Adani Gas shares have logged gains of over 40% due to heavy volumes. On this, BSE will seek clarification.

Today, at communication to exchange, Adani Gas said, “We would also like to clarify that there is no pending information/announcement, to be made; as of date. As per our understanding, fluctuation in the share price of the company seems market-driven. Also, we would like to reiterate that, in the event, there is any development that requires disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015, we will make the same in accordance with the regulatory requirement.”

Earlier this month, the Adani Group had announced a strategic collaboration with Italy-based Snam, for exploration of the hydrogen value chain in India and global markets, as well as the development of biogas, biomethane, and low-carbon mobility.

A joint venture has been agreed between Snam and Adani Gas Limited for setting-up a CNG compressors manufacturing facility in India. On November 3, Adani Gas signed a business transfer agreement for buying business undertaking of City Gas distribution a retail sale of CNG in Jalandhar, Ludhiana, and East of Kutch.

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