Adani Total Gas touches roof on inking MoU with Shigan Quantum Technologies

Adani Total Gas is currently trading at its upper circuit limit of Rs. 1100.65, up by 100.05 points or 10.00% from its previous closing of Rs. 1000.60 on the BSE.

The scrip opened at Rs. 1075.05 and has touched a high and low of Rs. 1100.65 and Rs. 1025.90 respectively. So far 1191331 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 3998.35 on 23-Jan-2023 and a 52 week low of Rs. 521.95 on 26-Oct-2023.

Last one week high and low of the scrip stood at Rs. 1100.65 and Rs. 968.10 respectively. The current market cap of the company is Rs. 119109.43 crore.

The promoters holding in the company stood at 74.80%, while Institutions and Non-Institutions held 20.09% and 5.11% respectively.

Adani Total Gas (ATGL) and Shigan Quantum Technologies (Shigan) have signed a Memorandum of Understanding (MoU) that aims at decarbonizing the supply chain by creating an ecosystem which will enable transitioning to cleaner fuels such as CNG and LNG. Under the MoU, both ATGL and Shigan will explore various areas of collaboration.

Shigan manufactures alternative fuel system solutions for automotive OEMs (original equipment manufacturers) and aftermarket. The primary focus of both the partners will be on adopting natural gas for transportation and mining applications through sustainable solutions for fleet operators, including those deployed by Adani Group companies in sectors like cement, ports and logistics. The LNG retro fitment solution also will explore various applications like stationary engines, locomotives and marine equipment.

Besides developing CNG/LNG-based retro fitment 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.

Adani Total Gas is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential) and Compressed Natural Gas (CNG) to the transport sector.

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