Shares of Adani Total Gas surged 8% on Monday, April 1, after the company announced commencing production at Barsana Biogas plant phase 1, located in the Mathura district of Uttar Pradesh.
The Barsana Biogas Project consists of three phases and aims to achieve a total capacity of 600 tons per day (TPD) of feedstock, Adani Total Gas informed the stock exchanges in a filing on Sunday.
Adani Total Gas shares opened on the BSE on Monday at ₹947 apiece, showing a 2.4% rise from its previous closing of ₹925.45. The bullish trend continued as the stock surged by around 8% to touch an intraday high of ₹1,000 per share. The gain has pushed the company’s market capitalisation to over ₹1 lakh crore.
Additionally, the stock has seen an impressive surge of over 80% from its 52-week low of ₹521.95 on the BSE.
Adani Total Gas informed the bourses that the plant will produce over 42 TPD of Compressed Bio Gas (CBG) and 217 TPD of organic fertiliser at full operation.
Upon completion of phase-3, this plant will become India’s largest agri waste-based bio-CNG facility. The total project cost for all three phases of the Barsana Biogas plant exceeds ₹200 crore.
This represents the company’s inaugural CBG production facility. Through the implementation of cutting-edge anaerobic digestion technology, the facility transforms organic matter into renewable biogas, thereby mitigating greenhouse gas emissions and diminishing dependence on fossil fuels.
Additionally, this initiative contributes to the nation’s objectives of bolstering fuel security and reducing emissions.
Shares of Adani Total Gas were trading 4.35% higher at ₹966.9 apiece at 11:26 am.
