India's Mahanagar Gas surges after Jefferies upgrade on earnings optimism

Mahanagar Gas

03/10/2023 07:16

BENGALURU, Oct 3 (Reuters) -    ** Shares of Mahanagar
Gas  MGAS.NS  climb as much as 7.98% to a two-month high of
1,111 rupees apiece
    ** Jefferies upgraded stock to "buy" from "hold' and raised
target price to 1,320 rupees from 1,110 rupees, an implied
upside of 31%
    ** Company's recent partnerships with original equipment
manufacturers to aid volumes, says Jefferies
    ** Adds, lower gas costs to support margins; brokerage
raises fiscal 2024 and 2025 earnings estimates by 6% and 27%
    ** Of the 26 analysts tracking MGAS, 12 have "strong buy",
six "buy", five "hold", two "sell", and one "strong sell"
ratings; median TP is 1,250 rupees - LSEG data
    ** Stock up 32.3% in 2023 including session's gains,
compared with 7.12% fall in oil and gas index  .NIFOILGAS 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))