Buy Mahanagar Gas, target price Rs 965: Nuvama Wealth

Nuvama Wealth brokerage has buy call on Mahanagar Gas with a target price of Rs 965. The current market price of Mahanagar Gas is Rs 894.75. Nuvama Wealth brokerage recommended to keep stop loss at Rs 865.

Mahanagar Gas, incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 8903.34 Crore) operating in Gas & Petroleum sector.

Mahanagar Gas key Products/Revenue Segments include Gas Natural, Other Operating Revenue and Pipes & Fittings for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Standalone Total Income of Rs 1870.68 Crore, up 7.29 % from last quarter Total Income of Rs 1743.51 Crore and up 63.42 % from last year same quarter Total Income of Rs 1144.72 Crore. Company has reported net profit after tax of Rs 172.07 Crore in latest quarter.

The company’s top management includes Mr.Manoj Jain, Mr.Sanjib Datta, Mr.Sanjay Shende, Mr.Syed S Hussain, Ms.Malvika Sinha, Mr.Rajeev Bhaskar Sahi, Mr.Venkatraman Srinivasan, Mr.Baldev Singh. Company has SRBC & Co LLP as its auditors. As on 31-12-2022, the company has a total of 10 Crore shares outstanding.

Investment Rationale
Registered its highest ever weekly close since mid December ’22 breaking out from this supply range.

Promoter/FII Holdings
Promoters held 32.5 per cent stake in the company as of 31-Dec-2022, while FIIs owned 29.73 per cent, DIIs 15.61 per cent.