Adani Total Gas gains on order win worth Rs 130-150 crore from Ahmedabad

The Ahmedabad Municipal Corporation placed the order.

Shares of Adani Total Gas Limited traded 2 percent higher to Rs 648 in early trade on September 18 after the company gave additional details on an order received on September 6.

The order involves designing, constructing, financing, and managing a bio-CNG (CBG) plant with a capacity of 500 tonnes per day. The plant will be located at Gyaspur in Ahmedabad and will operate on a PPP model. The Ahmedabad Municipal Corporation placed the order.

"The approximate cost of the would be in the range of Rs 130 crore to Rs

150 crore," Adani Total Gas said in an exchange filing on September 16. The time period by which the order contract is to be executed is 20 years. Furthermore, the municipal corporation shall provide land for setting up the CBG plant and 500 TPD waste at the plant's doorstep.

Adani Total Gas, in its latest annual report, announced an investment of Rs 18,000 crore to Rs 20,000 crore in the next eight to 10 years to expand infrastructure for retailing CNG to automobiles and piped gas to households and industries.

In the first quarter, the company reported a nearly 9 percent rise in first-quarter profit on August 1, helped by higher sales of compressed natural gas (CNG).

The company, which distributes piped gas to various Indian cities, said consolidated profit rose to Rs 150 crore for the quarter ended June 30 from 1.38 billion rupees a year earlier.