India's Mahanagar Gas extends gains a day after Jefferies upgrade

Mahanagar Gas

04/10/2023 06:35

** Shares of natural gas distributor Mahanagar Gas  MGAS.NS 
 up as much as 3.6% to 1,149 rupees, highest since Sept. 17,
2021
    ** MGAS extends gains from the previous session where it hit
a two-month high after Jefferies upgraded stock to "buy" from
"hold' on earnings optimism
    ** If gains hold, MGAS on track for third straight session
of gains
    ** Co inches towards overbought zone as Relative Strength
Index (RSI) touches 70.6
    ** More than 2 mln shares trade by 10:53 a.m. IST, 3.7 times
their 30-day moving avg
    ** Of the 26 analysts tracking MGAS, 12 have "strong buy",
six "buy", five "hold", two "sell", and one "strong sell"
ratings; median TP is 1,250 rupees - LSEG data
    ** Including day's gains, stock up over 36% YTD 

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))