Shares of zoomed over 14% in intraday deals on Thursday, March 12, defying the slump in the Indian stock market, amid concerns over tightening natural gas supplies in India due to escalating geopolitical tensions in the Middle East.
The stock rose as much 14.19% intraday to ₹650 apiece on the BSE. This was the second day of gains for the Adani group company after it rallied 20% in the last trading session.
Other city gas distributors like Gujarat Gas and Indraprastha Gas also gained as investors bet that they could benefit from higher gas prices and resilient demand for compressed natural gas (CNG) and piped natural gas (PNG) amid shortages.
More to come…