India's Mahanagar Gas hits 4-month low on Q2 profit fall

Mahanagar Gas

25/10/2024 05:51

** Shares of Mahanagar Gas  MGAS.NS  fall as much as 4.4% to
1,475.65 rupees, hitting lowest level since June 24
    ** The city-gas distributor reports 16.5% Y/Y fall in Q2
profit
    ** While rev from ops rose 8.6%, it was outdone by an 18%
jump in expenses due to higher natural gas costs
    ** Avg rating of 29 analysts equivalent of "hold", median PT
is 1,934.50 rupees - LSEG data
    ** Stock last down 2.7%, cutting YTD gains to 25.3%

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))