Mahanagar Gas Limited stock analysis: What investors should know?
Brokerages bullish on Mahanagar Gas
HDFC Securities recommends buying MGL shares, anticipating strong returns in the future.
MGL Share Price
MGL shares closed at ₹1,274 on Monday. As of Tuesday afternoon, the stock is trading at ₹1,237.60, down about 3%.
Upward trend expected for MGL Share
HDFC Securities notes that MGL has outperformed the Sensex in the last month, positively impacted by the CNG rate hike in December 2024.
Why MGL share is expected to rise?
MGL's strong performance and demand, coupled with increasing number of CNG vehicles, are positive factors. CNG vehicle numbers have risen in MGL's operational areas until Dec.
MGL Share Price Target
HDFC Securities has reduced the target price for MGL from ₹2,200 to ₹2,000, but still expects a long-term return of around 56%.
MGL Share Strength
According to HDFC Securities, MGL's current price is about 19% below its 5-year average. Its strong volume growth and affordable CNG price make it a good investment.
Note
Stock market investments are subject to risk. Consult your market expert before investing.