Shares of Adani Gas Ltd (AGL) gained almost 50 percent since its listing on November 5. The stock was expected to list around Rs 40-45 per share, but listed at Rs 72 per share.
At 1322 hours on December 5, Adani Gas was trading at Rs 104.40 per share, up 9.21 percent on the BSE.
Adani Gas, in its filing on November 21 said, "AGL has bagged authorisation from the Petroleum and Natural Gas Regulatory Board, Government of India to expand its city gas footprint in 13 new geographical areas (GAs) in the recently concluded 9th round of CGD bidding."
In addition, the company has also won 9 GAs in its joint venture company with Indian Oil Corporation, i.e. Indian Oil - Adani Gas Ltd. (IOAGPL), it said.
In FY18, AGL reported a turnover of Rs 1,395 crore and Ebitda of Rs 374 crore. The volumes increased by 17 percent year-on-year to 479 mmscm (million metric standard cubic metres).
The company achieved a y-o-y volume growth of 12 percent in the CNG segment and 23 percent in the PNG segment.
AGL has total debt of around Rs 300 crore, but the company is on an expansion phase and this may increase the debt levels.