Adani Total Gas signs pact with Shigan for collaboration in decarbonization; stock zooms 10%
Adani Total Gas stock today jumped 10 per cent to hit its upper price band of Rs 1,100.65.
- Jan 3, 2024,
- Updated Jan 3, 2024 3:00 PM IST
Adani Total Gas Ltd on Wednesday entered into a Memorandum of Understanding (MoU) with Shigan Quantum Technologies, aiming at decarbonizing the supply chain for enabling a transition towards cleaner fuels such as CNG and LNG. Under the MoU, both ATGL and Shigan will explore various areas of collaboration, Adani Total stated in an exchange filing.
"Besides developing CNG/LNG-based retrofitment solutions, the partnership will explore developing e-mobility based solutions for last mile delivery players and use cases for green hydrogen as fuel for ICE (internal combustion engine) vehicles," the company mentioned.
The stock today jumped 10 per cent to hit its upper price band of Rs 1,100.65.
Separately, all Adani stocks were up today after the Supreme Court said the Indian conglomerate does not need to face more investigations beyond the current scrutiny of market regulator Sebi.
The SC verdict came as a major relief for the Adani Group which was hit hard by US-based short-seller Hindenburg Research's allegations of wrongdoing.
The top court also asked Sebi to complete the remaining two of the 24 probes in three months.
On the technical setup, immediate support level for Adani Total could be seen at around Rs 1,020. On the higher side, near-term resistance may be found at the Rs 1,150-1,175 zone.
"Support will be at Rs 1,020 and resistance at Rs 1,175. Expected trading range will be between Rs 920 and Rs 1,260 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"One can expect a near-term target price of Rs 1,150. Keep stop loss placed at Rs 1,030," said DRS Finvest founder Ravi Singh.
"Adani Total is bullish but also overbought on daily charts with next resistance at Rs 1,327. Investors should book profits at current levels as a daily close below support of Rs 981 could lead to target of Rs 887 in the near term," said AR Ramachandran from Tips2trades.
Adani Total Gas is a joint venture between France's energy major TotalEnergies and Adani Group.
Also read: Delhivery shares rise above Rs 400 mark buy sell or hold target price
Also read: Hot stocks on January 3: YES Bank, Adani Enterprises, IRCON, Canara Bank and more
Adani Total Gas Ltd on Wednesday entered into a Memorandum of Understanding (MoU) with Shigan Quantum Technologies, aiming at decarbonizing the supply chain for enabling a transition towards cleaner fuels such as CNG and LNG. Under the MoU, both ATGL and Shigan will explore various areas of collaboration, Adani Total stated in an exchange filing.
"Besides developing CNG/LNG-based retrofitment solutions, the partnership will explore developing e-mobility based solutions for last mile delivery players and use cases for green hydrogen as fuel for ICE (internal combustion engine) vehicles," the company mentioned.
The stock today jumped 10 per cent to hit its upper price band of Rs 1,100.65.
Separately, all Adani stocks were up today after the Supreme Court said the Indian conglomerate does not need to face more investigations beyond the current scrutiny of market regulator Sebi.
The SC verdict came as a major relief for the Adani Group which was hit hard by US-based short-seller Hindenburg Research's allegations of wrongdoing.
The top court also asked Sebi to complete the remaining two of the 24 probes in three months.
On the technical setup, immediate support level for Adani Total could be seen at around Rs 1,020. On the higher side, near-term resistance may be found at the Rs 1,150-1,175 zone.
"Support will be at Rs 1,020 and resistance at Rs 1,175. Expected trading range will be between Rs 920 and Rs 1,260 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
"One can expect a near-term target price of Rs 1,150. Keep stop loss placed at Rs 1,030," said DRS Finvest founder Ravi Singh.
"Adani Total is bullish but also overbought on daily charts with next resistance at Rs 1,327. Investors should book profits at current levels as a daily close below support of Rs 981 could lead to target of Rs 887 in the near term," said AR Ramachandran from Tips2trades.
Adani Total Gas is a joint venture between France's energy major TotalEnergies and Adani Group.
Also read: Delhivery shares rise above Rs 400 mark buy sell or hold target price
Also read: Hot stocks on January 3: YES Bank, Adani Enterprises, IRCON, Canara Bank and more