Adani Gas hits new high on strong Q4 results; stock zooms 50% in seven days
Adani Gas shares hit a new high of Rs 174, up 7 per cent in intra-day trade on the BSE on Wednesday in an otherwise subdued market. The stock has rallied 28 per cent in the past three trading days, after posting strong numbers in March quarter (Q4FY19) results. In comparison, the S&P BSE Sensex was up 0.65 per cent during the same period.
The Gautam Adani-led city gas distribution (CGD) on Monday reported a 91 per cent year-on-year (Y-o-Y) growth in consolidated net profit at Rs 75.75 crore in Q4FY19. It had a profit of Rs 39.65 crore in previous year quarter.
The company said it sold 14 per cent more CNG to automobiles and five per cent more piped cooking gas to household kitchens in the fourth quarter of 2018-19.
