Adani Gas secures 13 gas distribution areas

Adani Gas Limited, a city gas distribution (CGD) company was granted authorization by the government for 13 new geographical areas (GA). The stock was struck in its upper circuit limit on Wednesday.

Also, its joint venture with state-owned Indian Oil won 9 Gas. Adani Gas is now the largest private CGD player in India and will inaugurate CGD projects in 65 GAs on Thursday. The 13 newly awarded GAs include 5 regions in Gujarat, two each in Haryana, Tamil Nadu and Rajasthan, and one each in Karnataka and Odisha. These authorizations were awarded during the 9th round of bidding.

The company also expected to win GAs in the 10th round of bidding which will involve 50 GAs. 

Reacting to this development, the stock was buzzing in Wednesday's trading session and around noon it was struck in its upper circuit limit of 20 per cent at Rs. 7.30 per share, up by Rs. 16.30. The stock opened at Rs. 82.00 per share, and during the day also hit a low of Rs. 82.00 per share on Wednesday.