- Adani Total Gas Ltd., the joint venture of billionaire Gautam Adani’s group and French energy giant Total Energies, has received a work order for a 500-tonne-per-day bio-CNG plant in Ahmedabad.
- The bio-CNG plant will be set up at Pirana or Gyaspur in Ahmedabad for a concession period of 20 years.
- Adani Total Gas shares closed 1.75% higher at Rs 644.70 in the previous session against Tuesday’s close of Rs 633.60 on BSE.
- Adani Total Gas stock has lost 82.50 percent in a year and fallen 82 percent in 2023.
Adani Total Gas Ltd., the joint venture of billionaire Gautam Adani’s group and French energy giant Total Energies, has received a work order for a 500-tonne-per-day bio-CNG plant in Ahmedabad from the local city body. The work order received from the Ahmedabad Municipal Corp. is to design, build, finance, and operate the plant on a public-private partnership model, the company said.
Ahmedabad Municipal Corporation will provide land for setting up the CBG plant and 500 TPD of waste at the doorstep of the plant, the company said in a stock exchange filing. The company added that the project cost would be in the range of Rs 130-150 crore. Adani Total Gas will operate the project for 20 years.
The partnership will catalyze India’s 2030 decarbonization target, supported by a rising inclination towards electric vehicles in the cab-hailing segment. Through these concerted efforts, ATEL and Evera hope to bridge the existing EV infrastructural gaps in India, targeting key highways, workplaces, and other locations with convenient and fast-charging AC and DC solutions.
Shares of Adani Total Gas Ltd are in focus today after the Adani Group firm said it has won an order for a 500-tonne per day bio-CNG plant in Ahmedabad. In the previous session, the Adani Total Gas stock closed 1.75% higher at Rs 644.70 against the previous close of Rs 633.60 on BSE. The market cap of the firm rose to Rs 70904 crore on BSE. A total of 1.44 lakh shares of the firm changed hands, amounting to a turnover of Rs 9.20 crore on BSE.
Adani Total Gas stock has lost 82.50 percent in a year and fallen 82 percent in 2023.
A Work Order was received from AMC on 5th September. Adani Total Gas Ltd—the joint venture of Adani group and Total Energies of France which sells CNG to automobiles and piped gas to households- reported a 9% rise in net profit for the June 2023 quarter. Adani Total posted a net profit of Rs 150.2 crore in Q1 of this fiscal against Rs 138.4 crore profit during the quarter ended June 2022.
In the March 2023 quarter, profit stood at Rs 98 crore. Revenue climbed 1.3% to Rs 1056 crore in Q1 against Rs 1042 crore during the quarter ended June 2022. EBITDA margin in the June quarter rose to 23.5% in Q1 against 21% on a YoY basis. EBIDTA during Q1 surged 13.3% to Rs 247.8 crore against Rs 218.6 crore against the corresponding quarter in the previous fiscal. September 2023,” said the Adani Group firm.
(With inputs from agencies
