India's Mahanagar Gas gains as Nomura names it top sectoral pick

Indraprastha Gas

17/06/2025 10:12

** Shares of Indian city gas distributor Mahanagar Gas MGAS.NS rises 2.3% to 1422 rupees

** Brokerage Nomura identifies stock as its top sectoral pick, joining slate of brokerages bullish about MGAS's growth prospects vs. rivals

** Adds, "we prefer Mahanagar Gas due to its highest expected volume growth among peers..."; peer Gujarat Gas GGAS.NS is "least preferred pick" due to competition from propane

** EV policies by Delhi, Mumbai to keep pressuring compressed natural gas (CNG) growth but Mahanagar is better placed than peer Indraprastha Gas IGAS.NS on EV-related regulatory challenges - note

** GGAS down 0.3%, IGAS slips 1.7%

** Nomura rates MGAS "buy", while IGAS and GGAS "neutral" and "reduce" respectively

** IGAS, MGAS both rated "buy" on an avg, GGAS "hold" - data compiled by LSEG

** YTD MGAS has gained 11%, IGAS up 0.4% while GGAS down 4%

 (Reporting by Hritam Mukherjee in Bengaluru)

 ((Hritam.Mukherjee@thomsonreuters.com;))