India's Mahanagar Gas hits over 1-yr high on acquiring Unison Enviro

Mahanagar Gas

06/03/2023 04:25

** Shares of Mahanagar Gas Ltd  MGAS.NS  rise as much as
7.18% to 972 rupees, highest since Nov. 22, 2021
    ** Co says it entered into definitive documents to acquire
100% stake in infrastructure firm Unison Enviro Pvt Ltd for 5.31
bln rupees ($64.93 mln)
    ** "Acquisition provides MGAS an opportunity to expand its
operations beyond Mumbai and should help address growth
concerns" - analysts from Kotak Institutional Equities, rating
stock at "buy"
    ** Stock trading above its 50-, 100-, and 200-day moving
averages, indicating a bullish bias
    ** Trading volume at 1.08 mln shares as of 9:40 a.m. IST,
highest since Nov. 15, 2022
    ** Average rating of 28 close to equivalent of 'buy' with
median PT of 1,012 rupees - Refinitiv data
    ** Stock up 8.2% this year as of last close; was down 2.9%
in 2022
    
    ($1 = 81.7820 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))