Earlier this month, Adani Gas
said it has acquired business pertaining to City Gas Distribution (CGD) and retail sale of CNG in three geographical areas namely Ludhiana, Jalandhar, and Kutch (East) from Jay Madhok Energy Private Limited, Jay Madhok Holdings Private Limited, lshar Gas Ludhiana Private Limited, and lshar Gas Jalandhar Private Limited.
All 3 GAs have high volumes potential in terms of demand of over 6.5 MMSCMD over a period of 10 years. These GA’s are under Phase 1 of Bharat Mala Pariyojana by National Highway Authority of India (NHAI) which will further boost the development and volume growth, it said.
In a separate regulatory filing, Adani Gas
announced strategic collaboration with Italy-based Snam, Europe’s leading gas infrastructure company. The collaboration would envisage exploration of the hydrogen value chain in India and global markets, as well as the development of biogas, biomethane, and low-carbon mobility.
Other Adani Group renewable power company, Adani Green Energy (AGEL), too, saw its market price surging 50 per cent in past one month. The stock hit a new high of Rs 1,059, up 5 per cent today. AGEL is the largest solar company in the world with 12+ GW of operating, in-construction, and awarded solar parks. The company develops, builds, owns, operates, and maintains utility-scale grid-connected solar and wind farm projects. AGEL and TOTAL SA (TOTAL) had formed a 50:50 joint venture (JV) for 2,148 MW solar power assets in India.
Astral Poly Technik hit a fresh record high of Rs 1,432, up 11 per cent on the BSE. The stock of plastic products company has advanced 25 per cent in the past eight trading days after the company reported 220 basis points improvement in Ebitda (earnings before interest, taxes, depreciation, and amortisation) margins at 21.02 per cent in the September quarter (Q2FY21), led by various cost optimisation measures.
The management said the recovery in pipe segments has picked up momentum from September 2020 onwards. The adhesives business is also doing better from July 2020 and further picked up from October 2020, it said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.