Shares of this Adani Group stock were in focus after the company received a work order from Rajkot Municipal Corporation ranging between Rs 75 to Rs 85 crores. In the past six months, the company’s stock has delivered returns of nearly 60 percent to its stakeholders.
With a market capitalization of Rs 1.11 lakh crores, the stocks of Adani Total Gas Limited opened their trading session on Tuesday at Rs 1,038 and closed the session at Rs 1,007.25 apiece, slipping around 2 percent compared to the previous close of Rs 1,025.75 apiece.
In a recent exchange filing with the BSE, the company intimated about securing a work order from Rajkot Municipal Corporation for the purpose of designing, building, financing, owning, and operating Bio-CNG Plant for the treatment of 250 TPD biodegradable waste including organic fraction of solid waste and other wastes on PPP Model.
The above work order will be taking place at the Nakrawadi waste dumping site with the approximate cost of the Project ranging between Rs 75 crores to Rs 85 crores. The time period for the execution of the Project is decided to be 20 years.
In addition, the company published a filing with the exchange providing updates on ICRA’s credit rating updates on the company’s financial instruments.
During the recent financial quarters, the company reported an increase in numbers as far as the prime business indicators are concerned. The operating revenues increased from Rs 1,095 crores during Q2FY23-24 to Rs 1,156 crores during Q3FY23-24, and the bottom-line numbers, during the same period, rose marginally from Rs 167 crores to Rs 171 crores.
The return ratios of the company were also reported at decent numbers with the return on equity (RoE) reported at 18.58 percent and the return on capital employed (RoCE) reported at 22.99 percent.
The latest shareholding data of the company portrays the company’s Promoters holding a 74.8 percent stake followed by the Foreign Institutional Investors (FIIs) holding a considerable stake of 13.06 percent.
Founded in 2004, Adani Total Gas Limited is an India-based company engaged in the business of city gas distribution. The company supplies piped natural gas to commercial as
well as industrial users. It also provides biogas, biofuel, biomass, manufacturing of various equipment, and other value-added services related to the city gas distribution business.
Written by Amit Madnani
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