Adani Total Gas shares zoom 11% today; what's next on technical charts?
Adani Total share price: The stock soared 10.89 per cent today to hit a high of Rs 1,060 over their previous close of Rs 955.95. Despite today's sharp rise, it is still 15.87 per cent away from its one-year high value of Rs 1,259.90, a level seen on December 8 last year.
- May 31, 2024,
- Updated May 31, 2024 3:30 PM IST
Shares of Adani Total Gas Ltd soared 10.89 per cent in Friday's trade to hit a high of Rs 1,060 over their previous close of Rs 955.95. Despite today's sharp rise, the stock is still 15.87 per cent away from its one-year high value of Rs 1,259.90, a level seen on December 8 last year.
Suresh P Manglani, Executive Director & CEO at Adani Total, said, "We are expanding our energy offerings in high growth-potential segments like E-Mobility, Compressed Biogas and LNG for transport and mining, besides fulfilling our objective of futureproofing."
The company has also announced that rating agency ICRA upgraded its long-term rating "to [ICRA]AA (pronounced ICRA double A) with stable outlook." It re-affirmed the short-term rating at [ICRA]A1+ (pronounced ICRA A one plus), the company added.
On technical charts, support on the counter could be seen at Rs 950. And, a decisive close above Rs 1,060 is required for more upside.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has recovered significantly. Next expected near-term target will be Rs 1,100 with support maintained near Rs 950 zone as of now."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The stock has potential to hit an upside target of Rs 1,150. Keep stop loss placed at Rs 980."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The counter has attracted some buying traction. For now, Rs 1,050-1,060 seems the major hurdle, and a decisive breach could trigger fresh momentum in the counter. On the lower end, support is placed around Rs 950-940-odd levels."
The company's stock has a price-to-equity (P/E) ratio of 173.80 against a price-to-book (P/B) value of 31.86. Earnings per share (EPS) stood at 5.94 with a return on equity of 18.33.
Adani Total Gas is a joint venture between France's energy major TotalEnergies and Adani Group.
Shares of Adani Total Gas Ltd soared 10.89 per cent in Friday's trade to hit a high of Rs 1,060 over their previous close of Rs 955.95. Despite today's sharp rise, the stock is still 15.87 per cent away from its one-year high value of Rs 1,259.90, a level seen on December 8 last year.
Suresh P Manglani, Executive Director & CEO at Adani Total, said, "We are expanding our energy offerings in high growth-potential segments like E-Mobility, Compressed Biogas and LNG for transport and mining, besides fulfilling our objective of futureproofing."
The company has also announced that rating agency ICRA upgraded its long-term rating "to [ICRA]AA (pronounced ICRA double A) with stable outlook." It re-affirmed the short-term rating at [ICRA]A1+ (pronounced ICRA A one plus), the company added.
On technical charts, support on the counter could be seen at Rs 950. And, a decisive close above Rs 1,060 is required for more upside.
Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher, said, "The stock has recovered significantly. Next expected near-term target will be Rs 1,100 with support maintained near Rs 950 zone as of now."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, "The stock has potential to hit an upside target of Rs 1,150. Keep stop loss placed at Rs 980."
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "The counter has attracted some buying traction. For now, Rs 1,050-1,060 seems the major hurdle, and a decisive breach could trigger fresh momentum in the counter. On the lower end, support is placed around Rs 950-940-odd levels."
The company's stock has a price-to-equity (P/E) ratio of 173.80 against a price-to-book (P/B) value of 31.86. Earnings per share (EPS) stood at 5.94 with a return on equity of 18.33.
Adani Total Gas is a joint venture between France's energy major TotalEnergies and Adani Group.