India's Mahanagar Gas gains as analysts bullish; urge investors to buy

Indraprastha Gas

21/03/2024 10:05

** Shares of gas distributor Mahanagar Gas  MGAS.NS  up 3%
    ** Brokerages Jefferies and HDFC Securities remain bullish
on stock after 20% price correction following recent fuel price
cut
    ** HDFC says price correction is overdone, sees good
opportunity for investors
    ** Expects strong growth momentum to sustain on
volume-growth expansion as data suggests strong trend in new CNG
vehicle registrations 
    ** Jefferies says recent price correction presents
favourable risk rewards
    ** Sees ~11% volume growth in FY25 from co's acquisition of
smaller peer Unison Enviro
    ** Both maintain "Buy" on stock, with revised PTs 2.7% and
2.3%, respectively, higher than the Street's median PT - LSEG 
    ** Analysts' avg rating on co is equivalent of "Buy;" peer
Indraprastha Gas  IGAS.NS  also rated "Buy", while GAIL (India)
 GAIL.NS  is rated "Hold" 

 (Reporting by Manvi Pant)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))