Gas stocks advance

Ahmedabad: Shares of Adani Total Gas surged 20 per cent to hit the upper circuit on Wednesday, extending gains even as India faces a deepening natural gas supply crunch. The sharp rally came after the company said domestic piped natural gas (PNG) and compressed natural gas (CNG) used for transport have received priority allocation under a recent order by the Indian Government.

The stock also witnessed heavy trading activity during the session. Average volumes at the counter jumped more than 20 times, with a combined 16.44 million shares changing hands on the National Stock Exchange of India and the BSE.

The company operates in the city gas distribution business, supplying natural gas to domestic, commercial, industrial and vehicle users.Other gas stocks also followed suit and surged during intra-day trade despite market sell-off.

Gujarat Gas jumped nearly 12 pc to Rs 420 and end 3.96 per cent higher at Rs 390 during the session.Petronet LNG, GAIL (India), Indraprastha Gas (IGL) and Mahanagar Gas (MGL) are the other gas-linked companies which saw buying during the session and end higher up to 2 per cent.