Adani Gas shares zoom 9.5 pc on Total deal

Tue 15 Oct 2019, 10:44:01
New Delhi: Shares of Adani Gas on Monday closed 9.5 per cent higher after French energy giant Total announced acquisition of 37.4 per cent stake in the Gautam Adani-led firm.

The scrip jumped 9.41 per cent to close at Rs 150.60 on the BSE. During the day, it zoomed 17.98 per cent to Rs 162.40.

On the NSE, it skyrocketed 9.48 per cent to close at Rs 150.70.

On the traded volume front, 6.82 lakh shares were traded on the BSE and over 70 lakh units at the NSE during the day.

The gas marketing and distribution company, however, did not reveal the value of the deal.

The announcement comes a year after the two firms announced a 50:50 joint venture to import and retail natural gas.

"The partnership between Adani (50 per cent) and Total (50 per cent) includes several assets across the gas value chain notably two imports and regasification LNG terminals: Dhamra in East India and potentially Mundra in the west, as well as Adani Gas, one of the four main distributors of city gas in India of which Adani holds 74.8 per cent and of which Total will acquire 37.4 per cent," the French firm said in a statement on Monday.

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