Adani Total Gas shares zoom 18%, breach Rs 1,000 mark after eight months

Shares of Adani Total Gas Ltd zoomed over 18% in early deals today after amid a rally in the broader market. Adani Total Gas shares rose 18.42% to Rs 1040 against the previous close of Rs 878.20 on BSE. Market cap of the firm rose to Rs 1.14 lakh crore on BSE. A total of 15.20 lakh shares of the firm changed hands amounting to a turnover of Rs 151.45 crore on BSE.

The stock closed at Rs 1007.80 on March 24 this year. Since then, it has crossed Rs 1,000 mark for the first time today.

However, Adani Total Gas stock has lost 72 percent in a year and fallen 71 per cent in 2023.

The BJP winning three state polls recently has added to the gains of the Adani Group stocks. The poll victory fueled hopes that BJP would retain power in the General election to be held in 2024. The big up move after the poll results which started on Monday continued on Tuesday after the Bloomberg reported US agency concluded accusations against the Gautam Adani-led conglomerate weren’t relevant.

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According to the report by Bloomberg, a senior US official stated that the US government deemed Hindenburg Research's accusations of corporate fraud against Indian billionaire Gautam Adani irrelevant. The decision was made before approving an extension of up to $553 million for his conglomerate's container terminal project in Sri Lanka.

In terms of technicals, the relative strength index (RSI) of the Adani Total Gas stock stands at 85.5, signaling the stock is trading in the oversold zone.

Adani Total Gas has a one-year beta of 1.3, indicating very high volatility during the period. Adani Total Gas stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.

Adani Total Gas Ltd is the joint venture of Adani group and TotalEnergies of France, which sells CNG to automobiles and piped gas to households.

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