Today, there is an over 14 times surge in volumes on the counter of Adani Gas. As against yesterday’s close of Rs.149.50, it opened a tad higher at Rs.150.50 and rose to hit an intraday high at Rs.168.60. Its 52-week high stands at Rs.184.25.
Like Future Retail, here in Adani Gas too, the reason is the Competition Commission of India (CCI).
Yesterday, the CCI approved acquisition of 37.4% stake and joint control in the company by Total group.
The CCI, as reported by the PTI, stated that this deal would contribute towards bridging the energy deficit, augment supply of natural gas in India, enable Total Group to provide services in a cost-efficient manner and meet the country's long-term need for cleaner energy.
Adani Gas is engaged in the wholesale supply of natural gas and downstream (retail) supply of natural gas through city gas distribution networks to industrial, commercial, domestic and automotive customers in India