Adani Total Gas witnessed a significant surge of up to 8% in intraday trading on the BSE on Monday, April 1, following the announcement of the commencement of production at the Barsana Biogas Project. The company’s share price opened at ₹947, surpassing its previous close of ₹925.45 and surged 8% to reach an intraday high of ₹1000. As of 12:45 pm, the stock was trading 4.58% higher at ₹967.80.
In a filing to the BSE on March 31, Adani Total Gas revealed that its wholly-owned subsidiary, Adani TotalEnergies Biomass Limited (ATBL), had initiated operations at phase 1 of the Barsana Biogas Plant situated in the Mathura district of Uttar Pradesh.
The Barsana Biogas Project, consisting of three phases, is projected to achieve an overall capacity of 600 tons per day (TPD) of feedstock, generating over 42 TPD of compressed biogas (CBG) and 217 TPD of organic fertilizer upon full commissioning.
The project is set to become India’s largest agri-waste-based bio-CNG plant once it reaches full design capacity at phase 3. The total project cost for all three phases of the Barsana Biogas plant is anticipated to exceed ₹200 crore.
Suresh P Manglani, ED and CEO of Adani Total Gas, emphasized the plant’s contribution to circular economy principles and agricultural sustainability by producing high-quality organic fertilizer alongside compressed biogas. He highlighted that the initiative aligns with the broader sustainability goals of the company’s promoters, the Adani Group and TotalEnergies.
Last month, Adani Total Gas experienced a nearly 10% decline in its share price, ending its four-month winning streak. Despite this, the stock remains significantly above its 52-week low of ₹521.95 on October 26, 2023, trading at ₹1,000, which is 21% below its 52-week high of ₹1,259.90 on December 8, 2023.
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