Adani Total Gas Ltd shares witnessed a strong rally on Thursday, hitting the upper circuit limit briefly during the trading session. With this, the gas business under Gautam Adani’s conglomerate has transformed into a multibagger, showcasing significant gains from its 52-week lows.
Shares of Adani Total Gas surged 10 per cent, reaching Rs 1,159 in early trade. As of 12:20 pm, Adani Total Gas shares were up 8.87 per cent at Rs 1,146.75 apiece. This marks a substantial increase from the previous trading session’s closing at Rs 1,053.65 on Wednesday.
Adani Total Gas has experienced a surge of about 125 per cent from its 52-week low at Rs 521.95, recorded on October 26, 2023. Over the past month alone, the stock has more than doubled investors’ wealth, up over 111 per cent. However, it still stands around 70 per cent below its 52-week high of Rs 3,998.35 in January 2023.
The recent rally in Adani Total Gas comes amid a broader rally in all 10 listed entities of the power-to-ports conglomerate after a ‘clean chit’ from a US agency regarding Hindenburg Research’s damning report. Additionally, the BJP securing a majority in the recently concluded assembly elections of 2023 has contributed to the renewed focus and investor confidence in Adani stocks.
Adani Group shares faced significant pressure following a critical report by the US-based short seller Hindenburg Research, causing a massive wipeout of $100 billion from its total market capitalisation. However, with the ‘clean chit’ and favorable election results, the conglomerate’s market capitalisation rebounded to Rs 15 lakh crore on Wednesday.