Shares of Adani Total Gas Ltd hit upper circuit limit during the trading session on Thursday as the buying interest in the Gautam Adani led companies continued. The Adani Group's gas business continued to extend its gains to become a multibagger from its 52-week lows. During the day, shares of Adani Total Gas surged 10 per cent to Rs 1,159, on Thursday, locked in upper circuit limit. The total market capitalization of more than Rs 1.24 lakh crore. The stock had settled at Rs 1,053.65 in the previous trading session on Wednesday. Shares of Adani Total Gas have surged about 125 per cent from its 52-week low at Rs 521.95, hit on October 26, 2023. The stock has more than doubled investors' wealth in the last one month. However, it is still 70 per cent below its 52-week high mark at Rs 3,998.35 hit in January 2023.
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Adani Group shares have been at the focus of investors lately after the 'clean chit' from the US agency of the damning Hindenburg Research's report and the BJP coming into majority in the three-states in the recently concluded assembly elections of 2023. Adani stocks were under severe pressure after a damning report by the US-based short seller Hindenburg Research, which wiped out $100 billion from its total mcap. The Gautam Adani led conglomerate's entire market capitalization regained Rs 15 lakh crore on Wednesday.
Adani Total Gas is developing city gas distribution networks to supply the piped natural gas (PNG) to the industrial, commercial, domestic (residential) and compressed natural gas (CNG) to the transport sector. The company has already set up city gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh.
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