India's Mahanagar Gas jumps; Morgan Stanley starts with 'overweight'

Mahanagar Gas

14/01/2025 08:34

** Shares of city gas distributor Mahanagar Gas  MGAS.NS 
rise as much as 5.7% to 1,297.60 rupees
    ** Morgan Stanley initiates coverage of stock with
"overweight" rating, PT of 1,606 rupees - ~31% higher than
Monday's close
    ** Morgan Stanley expects MGAS' market cap to more than
double as CNG takes further market share in and around Mumbai
    ** MGAS operates in Mumbai and neighbouring Thane and Raigad
districts of Maharashtra state and as of Sept. 30, Mumbai and
Thane accounted for 99.2% of co's CNG vehicle customers
    ** Avg rating of 30 analysts on the stock equivalent of
"hold", median PT is 1,375 rupees - data compiled by LSEG 





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