Adani Total Gas shares have become a multibagger in just eight sessions, yielding 115% returns. On Thursday, the stock gained 10% and reached a high of Rs 1,053.30 on heavy volume. Around 11 a.m., nearly 82.45 lakh shares were traded on the NSE.
This week, the stock has hit back-to-back 20% upper circuits. Even while other equities have slowed, Adani Total Gas has maintained its momentum. On Thursday, it was the top gainer among the 10 Adani Group-owned company equities. Others gained up to 3% at this time, including Adani Ports and Special Economic Zone, Adani Enterprises, Adani Green Energy, Adani Energy Solutions, Adani Wilmar, Adani Power, ACC, Ambuja, and New Delhi Television (NDTV).
The Adani Group stocks have been rallying on favorable triggers such as the Bharatiya Janata Party's (BJP) electoral victories in three key states in the Hindi heartland, namely Madhya Pradesh, Rajasthan, and Chhattisgarh, giving the Street more confidence in the incumbent government's return in the 2024 general election.
The Group also received a shot in the arm after a Bloomberg report quoted an anonymous official from the US International Development Finance Corporation (DFC) as claiming that Hindenburg Research's charges were irrelevant. The US agency recently announced $553 in assistance for the Group's port operations in Sri Lanka.
A less-mentioned cause was the November 28 inauguration of a green hydrogen blending pilot in Ahmedabad, which resulted in a 14% single-day gain and has since been on the rise, except a couple of modest falls due to profit booking.
Under the project, the business has begun blending renewable hydrogen into the natural gas it sells to households in Ahmedabad for cooking and to companies as fuel. The percentage of green hydrogen to be blended in petrol, produced by splitting water using renewable electricity, will be gradually increased to 8%, the business stated in a statement.
Adani Total, a city gas joint venture between billionaire Gautam Adani's business and French energy giant TotalEnergies, has begun blending green hydrogen with natural gas which is to be sold to homeowners for cooking and industries as fuel in Ahmedabad.
Adani Total Gas shares are selling at a 73% discount to their 52-week high of Rs 4,000, which the stock reached on January 23, a day before the Hindenburg report. It has a 52-week low of Rs 522.
