Adani Total Gas shares surged as much as 8.4% to an intra-day high after it received global funding.
Adani Total Gas, a joint venture between Adani Group and France’s TotalEnergies secured a $375 million financing package from global lenders. This marks the largest global funding initiative in the city gas distribution (CGD) sector.
The gas major received the funding from BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank and Sumitomo Mitsui Banking Corporation, said the company in an exchange filing.
“The facility will fast-track the capital expenditure program enabling ATGL to rapidly expand its CGD network into its 34 authorized geographical areas (GAs) across 13 states. This development agenda shall cater to up to 14% of India’s population covering more than 200 million people. The expansion will deepen the penetration of Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) infrastructure, creating an ecosystem for a gas-based economy,” read the press release.
Adani Total Gas Vs Nifty
Shares of Adani Total Gas have given a return of 3.5% in the past five days. However, the stock has fallen 2.8% in the last one month. Further, the stock has eroded over 12% of investors’ wealth in the last six months. Meanwhile, it gave a return of almost 32% in the past one year. On the long-term perspective, the stock has given a return of almost 132% in the last five years.
To compare, the benchmark index, Nifty 50, has risen 2% in the last five days and over 4% in the past one month. The index has given a return of almost 18% in the past six months and 125% in the last five years.