Adani Gas is in the limelight today morning. The stock price rose over 6.5% to Rs.94.50, way above its listing price of Rs.72 in Nov’18.
Adani Gas is the gas sourcing and distribution business that was spun off from Adani Enterprises last year.
The positive news for the company today is that the Supreme Court has ruled in favour of Adani Gas in case of city gas distribution network for Jaipur and Udaipur.
The dispute arose after the state government in May 2011 withdrew the NOC granted by it for laying down the gas network pipeline in the two cities. This was pursuant to PNGRB directing Adani to stop the work in October 2007, adding that it had already laid approximately 85-km pipeline in both the cities. The withdrawal of the NOC was challenged by Adani before the HC which dismissed its plea. The matter went to the SC and now that too has given the green signal.