Shares of gas distribution company advanced 4.33% to Rs 2142.5 after the company announced its foray into electric mobility by launching its first electric vehicle charging station in Ahmedabad.
The electric vehicle charging station, located at Maninagar in Ahmedabad, will enable quick turnaround time for EV owners with fast charging technology and convenient to use digital platform.The company said, it aims to expand its network by setting up 1500 electric vehicle charging station across the country and has kept an expansion plan ready to move beyond 1500 electric vehicle charging station, basis the demand generation and momentum building of EV ecosystem in the country.
Suresh P Manglani, CEO of Adani Total Gas, said, The commencement of EV business with setting up the first charging station in Ahmadabad is yet another milestone for Adani Total Gas to provide choice of newer green fuel to the larger consumer base in India while timely ceasing an emerging business opportunity aligned to our vision to offer sustainable fuelling solutions on across all major cities and towns in India.
Shares of the Adani Total Gas have surged 31.8% in eight trading sessions from its previous closing low of Rs 1,624.7 posted on 15 March 2022. The counter hit a record high of Rs 2,224 in intraday today. The stock has zoomed nearly 177% from its 52-week low of Rs 772.95 recorded on 22 July 2021.
In last one month, the stock has moved nearly 35% higher outperforming the Nifty 50 index which rose 2.55% in the same period.
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.
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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.
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