Adani Total Gas Surges 2% on Mega Bio-CNG Plant Order

18 Sep 2023 , 02:48 PM

Adani Total Gas Limited sees a 2% surge in shares to Rs 648 in early trade after detailing a significant order received on September 6. The order involves the creation of a bio-CNG (CBG) plant with a daily capacity of 500 tonnes, operating on a PPP model, placed by the Ahmedabad Municipal Corporation.

The approximate cost of the project is estimated to range between Rs 130 crore to Rs 150 crore, with a contract execution time frame of 20 years. The municipal corporation is set to provide land for the CBG plant and 500 TPD waste at the plant’s location in Gyaspur, Ahmedabad.

Adani Total Gas outlines substantial investment plans of Rs 18,000 crore to Rs 20,000 crore in the next decade to enhance CNG infrastructure and piped gas distribution. In the first quarter, the company reported a nearly 9% rise in profit, attributed to increased sales of compressed natural gas (CNG), totaling Rs 150 crore for the quarter ended June 30.

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