India's Mahanagar Gas hits 1-1/2-yr high on qtrly profit rise

Mahanagar Gas

09/05/2023 05:31

** Shares of Mahanagar Gas Ltd  MGAS.NS  rise as much as
7.6% to 1,075.50 rupees, their highest since Oct. 19, 2021
    ** Natural gas distribution co late on Monday said their
March-qtr PAT more than doubled to 2.69 billion rupees ($32.89
million) and rev from ops up 49.2% YoY  urn:newsml:reuters.com:*:nFWN3750GL
    ** Co benefited from fall in prices of market-linked LNG
(liquefied natural gas) feedstock with retail price flat QoQ -
Jefferies
    ** We expect strong earnings in 1HFY24E on falling LNG
price; overall vols disappointed - Jefferies
    ** Total volume for the qtr was at 3.372 million metric
standard cubic meters per day, down 1.16% QoQ
    ** More than 2.3 mln shares traded as of 9:56 a.m. IST, 4.2
times their 30-day moving avg
    ** 21 of 27 brokerages rate the stock "buy" or higher, 4
"hold" and 2 "sell" or lower; their median PT is 1,100 rupees -
Refinitiv data
    ** MGAS up 27.8% YTD vs a gain of 1.4% in Nifty small cap
100 index  .NIFSMCP100 


($1 = 81.7800 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))