India's Mahanagar Gas up after Q3 profit jump

Mahanagar Gas

24/01/2024 06:32

** Shares of Mahanagar Gas  MGAS.NS  up ~1.1% after Q3
results, paring gains of 3% earlier in session
    ** The city gas distributor on Tuesday reported 84.3% Y/Y
rise in profit after tax
    ** Rev from ops declined 6.2%, while expenses fell 18%
    ** Co declared a dividend of 12 rupees/shr
    ** Stock above 50-day, 100-day and 200-day moving averages
since Dec 2023
    ** Avg rating of 27 analysts equivalent of "buy", median PT
is 1,289.50 rupees - LSEG data
    ** Stock rose 16.7% in Q3 FY24 and over 43% in CY24

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