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Hot Pursuit
24-Mar-22
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Adani Total Gas rises after receiving authorization for development of CGD networks
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Adani Gas rose 2.48% to Rs 1941.70 after announcing that the company received authorization letters from various Geographical Areas (GAs) for laying, building, operating and expanding CGD networks.
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The company participated in the 11th CGD Bidding Round conducted by Petroleum and Natural Gas Regulatory Board (PNGRB) and received authorization letters for laying, building, operating and expanding city gas distribution (CGD) networks from 6 states.
As per the exchange filing, the company has received authorization letters to operate and enhance the CGD network in the state of Assam, Madhya Pradesh, Chhattisgarh, Jharkhand , Maharashtra and Odisha.
Adani Total Gas is one of India's leading private players in developing City Gas Distribution (CGD) networks to supply Piped Natural Gas (PNG) to Industrial, Commercial, Domestic (residential) customers and Compressed Natural Gas (CNG) to the transport sector. The company's consolidated net profit slipped 9.3% to Rs 131.58 crore on a 78% jump in net sales to Rs 883.27 crore in Q3 FY22 over Q3 FY21.
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