.png)
Shares of the gas distribution company have surged 26.36% in seven trading sessions from its previous closing low of Rs 1,624.70 posted on 15 March 2022. The counter hit a record high of Rs 2,069.80 in intraday today. The stock has zoomed nearly 165.6% from its 52-week low of Rs 772.95 recorded on 22 July 2021.
On the BSE, 28,000 shares were traded in the counter so far compared with average daily volumes of 19,000 shares in the past two weeks.
In last one month, the stock has moved nearly 30.21% higher outperforming the Nifty 50 index which rose 2.84% in the same period.
The counter saw demand after the company on 23 March received authorization letters from various Geographical Areas (GAs) for laying, building, operating and expanding CGD networks. The company participated in the 11th CGD Bidding Round conducted by Petroleum and Natural Gas Regulatory Board (PNGRB) and received authorization letters for laying, building, operating and expanding city gas distribution (CGD) networks from 6 states.
On the technical front, the stock's RSI (relative strength index) stood at 71.574. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 1756.05 and 1720.15 respectively. These levels will act as crucial support zones in near term.
Adani Total Gas is one of India's leading private players in developing City Gas Distribution (CGD) networks to supply Piped Natural Gas (PNG) to Industrial, Commercial, Domestic (residential) customers and Compressed Natural Gas (CNG) to the transport sector.
The company's consolidated net profit slipped 9.3% to Rs 131.58 crore on a 78% jump in net sales to Rs 883.27 crore in Q3 FY22 over Q3 FY21.
