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Adani Total Gas Ltd.

Adani Total Gas has issued a clarification. A recent report about Adani's plan for India's largest battery storage project in Gujarat is not related to Adani Total Gas. The Adani Group announced its entry into battery energy storage systems. A 1126 MW project is planned at Khavda in Gujarat. This project is set to be India's largest battery storage deployment.

Adani Group stocks surged on Wednesday, adding ₹48,550 crore in market value as strong Q2 earnings from Adani Green Energy and Adani Total Gas fueled broad gains across the conglomerate. Adani Green’s shares jumped 14%, boosting its market cap by ₹14,464 crore after posting a 111% YoY profit surge to ₹583 crore, driven by new capacity additions in Gujarat and Rajasthan.

India’s Adani Green Energy reported a 25% increase in second-quarter profit on Tuesday, helped by robust power sales and higher capacity utilization. The company, which is seen as a bellwether for the renewable energy sector, has capitalized on India’s aggressive drive to expand clean power capacity to meet its climate goals and a target of 500 gigawatts of non-fossil capacity by 2030. The firm’s consolidated profit rose to 6.44 billion rupees($73.3 million) for the quarter ended September 30 from 5.15 billion rupees a year ago. The green energy unit of billionaire Gautam Adani’s ports-to-power conglomerate operates in solar, wind and hybrid segments across the country. India’s Adani Total Gas reports lower profit as pricey imports lift costs The company said revenue from power supply, its biggest segment, increased 20% to 27.76 billion rupees in the quarter. For the half year ended September 30, energy sales rose 39% from a year ago to 19.57 billion units. Adani Green Energy’s solar portfolio capacity utilization factor (CUF), a measure of how much of a power plant’s maximum capacity is used over a given period, was at 24.8%, while the wind portfolio’s CUF was at 37.8%.

India’s Adani Total Gas reported a decline in second-quarter profit on Tuesday, as elevated costs from pricier gas imports weighed on earnings after the government cut cheaper supply. The city gas distributor, a joint venture between Adani Group and French energy major TotalEnergies said its consolidated net profit fell 12% to 1.63 billion rupees ($18.5 million) in the three months ended September. In April, the Indian government reduced the allocation of low-cost natural gas to distributors, prompting companies to rely on pricier gas imports. The impact of this policy change continued into the second quarter. The company’s natural gas costs rose 29%, leading to a 26% rise in total expenses to 13.69 billion rupees. Bribery indictment: US SEC says India yet to serve summons to Adani executives India’s natural gas production declined for the third straight month, falling 3.8% year-on-year in September. Adani Total Gas is closely monitoring “the evolving situation” regarding allocation, Chief Executive Suresh P Manglani said in a statement.