Adani Group announces strategic collaboration with leading gas infrastructure company of Europe

Adani Group announced a strategic collaboration with Italy-based Snam, Europe’s leading gas infrastructure company, on Friday.

The collaboration would envisage exploration of the hydrogen value chain in India & global markets, as well as the development of biogas, biomethane, and low-carbon mobility.

Adani Group and Snam intend to explore opportunities in the energy space, where each Group brings complementary capabilities to the table. Adani Group and Snam, both have a strong interest in exploring the promise of green hydrogen. Adani Gas wants to take benefit from Snam’s broad technical expertise.

Today, the stock of Adani Gas jumped more than 2 per cent and made a new 52-week high of Rs 244.65.

Adani Group is a multi-business organisation in India with a combined market cap of over USD 30 billion while Snam is one of the largest Italian-listed companies in terms of market capitalisation as well as one of the world’s leading energy infrastructure company.

The company reported a net profit of Rs 136 crore in Q2FY21, which rose by 13 per cent YoY, as compared to Q2FY20 when it reported a profit of Rs 120 crore. The company reported revenue from operations of Rs 441 crore, for Q2FY21 a decrease of 12 per cent, as against the revenue from operations of Rs 503 crore for Q2FY20.

The stock of Adani Gas has recovered by 216.41 per cent from its sharp decline in March 2020. It has a 52-week high and a 52-week low of Rs 244.65 and Rs 76.70, respectively.

At 9.32 am today, the share of Adani Gas was trading at Rs 242.40 on BSE, up by 1.08 per cent.