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Megha City Gas Distribution (MCGDPL), a wholly-owned subsidiary, has decided to consolidate operations and reached out to state-run Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Indraprastha Gas, among other players. It ventured into city gas distribution under the brand name Megha Gas in 2015 and continued to operate as MEIL till FY22.
Motilal Oswal is bullish on Mahanagar Gas has recommended buy rating on the stock with a target price of Rs 1565 in its research report dated May 10, 2024.
Ashu Shinghal added that the 20 percent drop in net profit it reported for the fourth quarter was primarily due to lower availability of APM gas and CNG price reduction announced by the company.
Titan reported 9% growth in its standalone net profit at Rs 1040 crore in the third quarter. Revenue from operations jumped 20% year-on-year to Rs 13,052 crore.
This follows MGL's Rs 700 crore expenditure from the prior year. The company expects to establish approximately 50 new CNG stations. "Besides new stations, we are keen on renovating older facilities and expanding our PNG infrastructure," Shinghal said.