New Delhi: Shares of Adani Gas hit upper circuit of 5 per cent on debut on the BSE on Monday. Before hitting an upper circuit of Rs 73.70, the stock opened at Rs 70.20 on the exchange.
The scrip opened at Rs 72 on the National Stock Exchange (NSE).
Earlier this year, the Adani Group decided to demerge its gas sourcing and distribution business into a new company called Adani Gas.
In a BSE filing, the company said, “The equity shares of Adani Gas are listed and admitted to dealings on the Exchange in the list of 'T' Group Securities.”
The company is developing city gas distribution (CGD) networks to supply the piped natural gas (PNG) to the industrial, commercial, domestic (residential) and compressed natural gas (CNG) to the transport sector.
It already has set up city gas distribution networks in Ahmedabad and Vadodara in Gujarat, Faridabad in Haryana and Khurja in Uttar Pradesh.