The shares of this large-cap company hit a 20 percent upper circuit after the company launched the Green Hydrogen Blending Pilot Project at Ahmedabad.
With a market capitalization of Rs 70,844.27 Crores. Adani Total Gas Ltd, On Tuesday, The shares were trading at Rs 644.15 a share, an increase of 20 percent from the previous closing price.
According to the company filing, Adani Total Gas Ltd announces the initiation of a pioneering ‘Green Hydrogen Production and Blending Pilot Project, During the pilot program, ATGL will combine natural gas and green hydrogen using cutting-edge technologies for more than 4,000 PNG residential and commercial customers.
In addition to the previous paragraph, the project is anticipated to be put into service by Q1 of FY24–25. Depending on regulatory approvals, the blend’s percentage of green hydrogen will be gradually increased to 8% or higher. Larger areas of the city will gradually receive supplies of hydrogen blended fuel following the pilot’s successful conclusion.
Looking into the company’s performance, Adani Total Gas Ltd’s revenue decreased by 1.7 percent from Rs 1,116 Crore in Q2FY23 to Rs 1,096 Crore in Q2FY24. During the same period, net profits increased by 8 percent from Rs 160 crore to Rs 173 crore.
In the most recent fiscal year, Adani Total Gas Ltd. disclosed return ratios of 20.4% for return on equity and 20.7% for return on capital employed.
Adani Total Gas Ltd’s recent shareholding pattern, The Promoters of the Company own 74.80 percent while Retail shareholders own a 5.11 percent stake in the company and Foreign Institutional Investors own a 13.94 percent stake.
Natural gas is supplied to residential, commercial, industrial, and vehicle users by Adani Total Gas Ltd. through its City Gas Distribution (CGD) business.
Written by – Abhishek Singh
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