Adani Total Gas Reduces Excess Gas Price For Industries By Nearly 30% Adani Total Gas Limited announced a significant reduction in the price of excess natural gas supplied to industrial customers, lowering the rate from Rs 119.90 per standard cubic metre (SCM) to Rs 82.95 per SCM. The revised pricing will take effect from 6:00 am on March 16. The company attributed the adjustment to declining upstream gas prices, which have softened amid ongoing supply disruptions linked to the West Asia crisis. The price cut is part of Adani Total Gas’s efforts to pass on cost savings to customers while maintaining stable gas distribution during current supply constraints. Earlier this year, the company had requested industrial and commercial users to limit their gas consumption to 40% of contracted volumes following disruptions in India’s liquefied natural gas (LNG) supplies. These disruptions were caused by the halt in ship movements through the Strait of Hormuz due to the ongoing conflict in the region. Customers exceeding this limit were previously charged spot market rates for additional gas usage. Despite the price reduction for excess gas, Adani Total Gas stated that other terms related to excess supply remain unchanged. The company emphasized that the revision reflects the decline in upstream gas prices while ensuring system stability amid ongoing supply challenges. It also mentioned seeking clarification from GAIL (India) Ltd regarding the 80% supply allocation to industrial customers under existing agreements. In a separate development, Adani Total Gas decided not to raise prices for compressed natural gas (CNG) and piped cooking gas supplied to households, despite supply challenges.#strait_of_hormuz #adani_total_gas #totalenergies #adani_group #gail_india_ltd
European Stocks Pare Losses European stock indices showed a slight recovery on Friday as investors adjusted their positions following a brief respite in oil prices and amid ongoing assessments of the escalating tensions with Iran. The STOXX 50 and STOXX 600 indices managed to trim early losses, trading near the flatline in afternoon sessions. The market’s cautious optimism was fueled by a modest decline in oil prices, which provided temporary relief to energy-related sectors, though concerns over the evolving conflict with Iran and the U.S. administration’s response to recent energy market shifts continued to weigh on sentiment. Sectoral performance varied, with utilities leading the gains. Tech, basic materials, and energy sectors also posted positive movements, helping to offset earlier declines in consumer cyclicals and healthcare. Notable performers included Roche, which rose 1.8%, and Shell, which gained 1.1%. TotalEnergies saw a 2.1% increase, while Allianz advanced 1.2% and Prosus climbed 2.9%. Conversely, L’Oréal fell 1.4%, Siemens slipped 1.3%, and Siemens Energy dropped 2.8%, reflecting divergent market reactions to broader geopolitical and economic factors. For the week, both the STOXX 50 and STOXX 600 remained largely unchanged, indicating that the market’s overall direction remained uncertain. Investors continued to balance risk appetite against lingering uncertainties, including the potential for further geopolitical developments and the impact of energy price fluctuations on global economic growth. The indices’ mixed performance highlighted the complex interplay between macroeconomic indicators, sector-specific dynamics, and geopolitical risks in shaping market sentiment.#stox_x_50 #stox_x_600 #roche #shell #totalenergies
