Shares of Adani Gas were trading higher for the fifth straight day, up 3 per cent to a fresh record high of Rs 247 on the BSE on Monday after the company said it has acquired business pertaining to City Gas Distribution (CGD) and retail sale of CNG in three geographical areas namely Ludhiana, Jalandhar and Kutch (East). The stock of the Adani Group Company rallied 13 per cent in a week. In comparison, the S&P BSE Sensex was up 7 per cent during the period.
“Adani Gas has signed a definitive agreement for acquisition of 3 Geographical Areas (GAs) namely Ludhiana, Jalandhar and Kutch (East) from Jay Madhok Energy Private Limited, Jay Madhok Holdings Private Limited, lshar Gas Ludhiana Private Limited and lshar Gas Jalandhar Private Limited,” the company said on November 3.
