India's Mahanagar Gas hits record high after UBS sets Street-high PT

Mahanagar Gas

17/09/2024 06:41

** Mahanagar Gas  MGAS.NS  jumps 6.1% to a record high of
1,932.3 rupees, set for best day since late-June
    ** UBS sets Street-high PT of 2,400 rupees, retains "buy"
    ** PT, at ~32% premium on last close, factors in higher
earnings expectations
    ** UBS says MGAS posted 12.6% y/y vol growth in H1CY24 and
the elevated growth trajectory could sustain in coming quarters
    ** Adds acquired areas of unit Unison Enviro (UEPL) will
also drive growth
    ** Expects higher volume CAGR over FY24-27 on accelerated
CNG station network expansions, higher CNG vehicle additions
    ** Stock's avg rating is "buy"; median PT is 1,934.5 rupees
- LSEG
    ** Around 2.9 mln shares traded, 6.5x the 30-day avg
    ** MGAS up ~61% YTD

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))