Aug 25, 2021
By: BI India BureauOne of the Adani Group companies, Adani Total Gas, has surged 40 percent in just the last 15 days on heavy volumes.
Credit: BCCL
Shares of the company have been on a 5 percent upper circuit for five consecutive days including Wednesday, August 25.
Credit: BCCL
Usually, the company’s volumes have been between 1.2 lakh to 2 lakh recently, but on Wednesday it is trading with just 46,491 volumes.
Credit: BCCL
The city gas distribution company is a joint venture of Adani Group and TotalEnergies of France.
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The market capitalisation of the company currently stands at ₹1.35 lakh crore.
Credit: BCCL
On August 20, the company acquired a 50 percent stake in Smartmeters Technologies, an Indian manufacturer of gas meters, for ₹1 crore.
Credit: BCCL
Smartmeters, which has a turnover of ₹4.83 crore in the year up to March 31, 2021, manufactures gas meters which are used to measure consumption of gas piped into household kitchens.
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The objective of the acquisition is to manufacture gas meters with a focus on prepaid smart meters.
Credit: BCCL
The stock gained traction after the company reported a three-fold increase in June quarter standalone net profit to ₹138 crore from ₹46 crore in the March quarter.
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