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Adani Total Gas has seen a surge in its stock price with shares settling above the Rs 1,000 mark after 24 consecutive sessions. During intraday deals, the stock rose by 5% to reach the upper price band of Rs 1,032.45 before closing 2.49% higher at Rs 1,007.80. This marks a sharp jump of 53.86% from its 52-week low of Rs 655, hit on March 1, 2023. Adani Total Gas has a market capitalization of Rs 1,10,838.86 crore and recorded a turnover of Rs 73.64 crore.
Adani Total Gas, Adani Transmission, and Adani Green Energy continued to climb, with Adani Transmission gaining 3.78% and Adani Green Energy surging 4.84%. Ravi Singh, Vice-President and Head of Research at Share India, attributes this bullish trend to the announcement by US-based investment firm GQG Partners of a cumulative investment in Adani Green Energy, Adani Total Gas, and Adani Transmission. Technical setup and strength on daily chart patterns have also contributed to the stocks' upward momentum.
Singh suggests that Adani Total Gas may reach up to Rs 1,070, Adani Green Energy up to Rs 1,080, and Adani Transmission up to Rs 1,170 in the near term. Ravi Singhal, CEO at GCL, believes that Adani Total Gas looks strong and recommends a target price of Rs 1,450 with a stop-loss placed at Rs 950. Natural gas prices have come down significantly, and the company has a good order book. Singhal, however, warns that Adani Green Energy still looks weak as its expansion plans could be put on hold or take more time, resulting in a drop in market share.
Since US-based short seller Hindenburg Research released a report alleging stock manipulation and accounting fraud by the Gautam Adani-led conglomerate on January 24, the listed entities of Adani Group saw a massive market value erosion. However, the stocks recorded a decent recovery after GQG Partners' announcement of a cumulative investment of Rs 15,446 crore in four Adani firms: Adani Enterprises, Adani Green, Adani Ports, and Adani Transmission.
Indian equity benchmarks have been dragged down by banks, financials, metals, consumer, and energy stocks, extending their fall for the second straight session.
