Adani Total Gas Shares Drop After Price Cut for Industrial Users Adani Total Gas (ATGL.NS) shares fell sharply on March 17 as the company reduced its excess gas price for industrial users to ₹82.95 per standard cubic meter (SCM), down from ₹119.90. The price cut, which represents a 30% reduction, followed softer upstream pricing amid supply constraints in West Asia. The stock closed at ₹522.05, down 7.75%, extending a two-day decline of about 13% after a previous rally. Analysts suggest the move aims to stabilize allocations while maintaining industrial demand. The price adjustment aligns with declining upstream costs and tighter global supply conditions in the region. While the cut may support volumes in sectors like Morbi ceramics and Surat textiles, it could also compress near-term industrial margins. Allocations appear more stable, potentially reducing reliance on spot markets and mitigating volatility. However, the stock’s sharp decline reflects cautious sentiment, with traders closely monitoring further price changes or supply-related news. Technical indicators show the stock trading near key levels. The intraday low reached ₹514.10, while the high hit ₹604.30. The relative strength index (RSI) at 49.18 indicates a neutral stance, with resistance near the 50-day moving average at ₹531.35 and the 200-day moving average at ₹598.68. Bollinger mid-band near ₹518.23 acts as a pivot, with support levels around ₹518 and ₹505. The stock’s high trading volume—1.83 crore shares versus an average of 23.11 lakh—signals strong participation, though elevated daily swings and a strong ADX reading of 30.75 suggest continued volatility. Fundamentally, the company’s trailing twelve months (TTM) earnings per share (EPS) stand at ₹5.83, with a price-to-earnings (P/E) ratio of 89.55. Net margins are at 11.#west_asia #adani_total_gas #morbi_ceramics #surat_textiles #industrial_users
