On 23 March, the market cap of Ahmedabad-based city gas distributor Adani Total Gas crossed the Rs 1,00,000 crore ($13,290 million) mark. Heads turned, headlines were made. The stock had raced past some of the biggest names in the Indian stock market, including oil and gas giants such as Indian Oil and GAIL (India). Crossing the milestone was all the more striking because the company is still a minnow, relatively speaking, when it comes to revenue and profit.
This tweet on 6 April by investor Giriraj Daga, comparing the stock with other gas utilities, sums up the conundrum that is Adani Total Gas.