Adani Gas hits 20% upper circuit on bagging 13 CGD projects

The stock trading at Rs 97.80, its highest level since listing on November 5, rallied 26% in past two days from Rs 77.70 as the stock shifted to normal trading segment with effect from Tuesday.

Shares of Adani Gas (AGL) are locked in the upper circuit of 20% at Rs 97.80 per share on the BSE, as the company said that it has bagged authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB), Government of India to expand its city gas footprint in 13 new geographical areas in the recently concluded 9th round of city gas distribution (CGD) bidding.

In addition, the company has also won 9 geographical areas in its joint venture company with Indian Oil Corporation, i.e. Indian Oil - Adani Gas (IOAGPL).

The stock is trading at its highest