Sell Mahanagar Gas, target price Rs 860: ICICI Direct

ICICI Direct has sell call on Mahanagar Gas with a target price of Rs 860. The current market price of Mahanagar Gas Ltd. is Rs 895.45.

Time period given by analyst is Intra Day when Mahanagar Gas Ltd. price can reach defined target.

Mahanagar Gas Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 8846.04 Crore) operating in Gas & Petroleum sector.


Mahanagar Gas Ltd. key Products/Revenue Segments include Gas Natural, Other Operating Revenue and Pipes & Fittings for the year ending 31-Mar-2021.


Financials
For the quarter ended 30-09-2021, the company reported a Standalone Total Income of Rs 930.16 Crore, up 35.70 % from last quarter Total Income of Rs 685.47 Crore and up 63.94 % from last year same quarter Total Income of Rs 567.38 Crore. Company reported net profit after tax of Rs 204.29 Crore in latest quarter.

Investment Rationale
Breakdown below bearish flag like formation asprice facing stiff resistance around 20-day EMA

Promoter/FII Holdings
Promoters held 32.5 per cent stake in the company as of 30-Sep-2021, while FIIs owned 29.38 per cent, DIIs 17.8 per cent.