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Adani Total Gas gains on entering into mutual support agreement with INOX India
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Adani Total Gas is currently trading at Rs. 998.00, up by 8.25 points or 0.83% from its previous closing of Rs. 989.75 on the BSE.
The scrip opened at Rs. 1000.15 and has touched a high and low of Rs. 1017.90 and Rs. 987.05 respectively. So far 154128 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1544.70 on 06-Feb-2023 and a 52 week low of Rs. 521.95 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 1035.00 and Rs. 985.35 respectively. The current market cap of the company is Rs. 110123.98 crore.
The promoters holding in the company stood at 74.80%, while Institutions and Non-Institutions held 19.20% and 6.00% respectively.
Adani Total Gas (ATGL) and INOX India (INOXCVA) have entered into a mutual support agreement, under which ATGL and INOXCVA shall mutually accord a ‘preferred partner’ status for the delivery of LNG and LCNG equipment and services for identifying and exploring possible collaboration opportunities for strengthening the LNG ecosystem in the country. As preferred partners, ATGL will have certain inherent project level benefits which includes preferential treatment to ATGL and access to advanced scheduling, and consideration for collaborative opportunities for establishing LNG/L-CNG stations, LNG satellite stations, transitioning to LNG as a transport fuel, LNG logistics, as well as developing small scale liquid hydrogen solutions for the industry.
The mutual support agreement covers role and obligations on either side so as to leverage expertise of both the Parties to develop the LNG Infrastructure including small scale LNG plants, LNG stations, bringing economy of scale for conversion of heavy vehicles on LNG, developing best practices towards HSE, fuel efficiency, high quality conversion and services.
Adani Total Gas is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential) and Compressed Natural Gas (CNG) to the transport sector.
