te MGL shares jump over 6% on strong March quarter numbers | Zee Business

MGL shares jump over 6% on strong March quarter numbers

MGL share price: On Monday, May 8, 2023, Mahanagar Gas Ltd released its results for Q4FY23 which showed that the company registered a 104 per cent jump in PAT.

MGL shares jump over 6% on strong March quarter numbers
MGL share price: The company’s total income in Q4FY2023 increased 49 per cent to Rs 1,805.45 crore, image- PTI

MGL share price: Shares of Mahanagar Gas Ltd (MGL) rose over 6 per cent on BSE in early trade on May 6, 2023, after the city gas distribution (CGD) company registered a 104 per cent jump in its March quarter profit. While filing this report, MGL scrip traded over 6 per cent higher on BSE at Rs 1066.85 apiece, and on NSE the stock traded at Rs 1,063.65 apiece.

On Monday, May 8, 2023, Mahanagar Gas Ltd released its results for Q4FY23 which showed that the company registered a 104 per cent jump in PAT which stood at Rs 268.81 crore in FY23 Q4 as compared to Rs 131.80 crore a year ago. The company’s total income in Q4FY2023 increased 49 per cent to Rs 1,805.45 crore from Rs 1201.30 crore in the corresponding period last year.

While the year-on-year (YoY) income was up 77 per cent to Rs 7,032.84 crore in FY23 from Rs 3,970 crore last fiscal. The company's revenue from operations was up 49 per cent, from Rs 1,187.60 crore to Rs 1,771.81 crore in the quarter under review.

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Brokerage view on Mahanagar Gas Ltd

Sharekhan has recommended buying shares of MGL for a target price of Rs 1,100 apiece. The brokerage believes that supportive government policies to cap domestic gas prices and a potential normalisation of international gas prices would remove the high gas cost overhang and drive margin recovery for CGDs over FY2024E-FY2025E.

Prabhudas Lilladher has also recommended buying shares of MGL for a target price of Rs 1,103 apiece. The brokerage believes that CGDs will benefit from likely lower gas prices.

"Since last 11 months, approx the said counter has already given 63 per cent return from the low of 666 approx. At the current juncture, it is approaching its historical resistance zone of 1110-1120. One should book partial profit near mentioned resistance and wait for some correction for fresh longs," said Jigar S Patel - Senior Manager - Technical Research Analyst, Anand Rathi Shares and Stock Brokers.

MGL share price history

On a year-to-date (YTD) basis, MGL stock has gained over 25 per cent as compared to Nifty50’s rise of 0.64 per cent. Over the past six months, the stock rose over 21 per cent against Nifty50’s rise of nearly 1 per cent.

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Written By: Sirali Gupta
Edited By: Swati Verma
Updated: Tue, May 09, 2023
11:28 am
Mumbai, ZeeBiz WebDesk
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