Shares of Adani Total Gas hit 10% upper circuit

During Wednesday’s trading session, the shares of Adani Total Gas Limited zoomed by 9.48%. Additionally, the stock hit a fresh 52-week high mark of Rs 1,100.65 apiece on BSE. The company’s current market capitalisation is Rs 1,20,874.63 crore.

Recent development: 

Adani Total Gas Limited (ATGL) and Shigan Quantum Technologies Limited (Shigan), a provider of alternative fuel system solutions, have signed a Memorandum of Understanding (MoU) to advance sustainability and environmental responsibility. The collaboration aims to decarbonize the supply chain and create an ecosystem for transitioning to cleaner fuels such as Compressed Natural Gas (CNG) and Liquefied Natural Gas (LNG).

Key Highlights of the MoU: 

1. Retrofitting ICE Engines: The collaboration will explore retrofitting Internal Combustion Engine (ICE) vehicles to run on alternate fuels like CNG and LNG, with a primary focus on transportation and mining applications.

2. Diverse Applications: Apart from transportation and mining, the partners will also explore retrofitment solutions for stationary engines, locomotives, and marine equipment.

3. E-mobility Solutions: The collaboration will extend to the development of e-mobility solutions, particularly for last-mile delivery players, leveraging CNG, LNG, and potentially green hydrogen as a fuel for Internal Combustion Engine (ICE) vehicles.

4. Positive Environmental Impact: ATGL and Shigan anticipate that the collaboration will positively impact the environment and the broader business community. The MoU aims to prioritize sustainability efforts while maintaining operational efficiency.

This strategic partnership aligns with the commitment to environmental responsibility and positions both companies at the forefront of promoting cleaner and more sustainable fuel solutions in various sectors, contributing to a greener and more eco-friendly future.

About the company 

AGL is actively involved in the City Gas Distribution (CGD) business, dedicated to providing natural gas to a diverse range of consumers, including domestic, commercial, industrial, and vehicle users.

Furthermore, the stock has witnessed significant buying activity as it has given returns of more than 80% in just 3 months.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.