Mahanagar Gas shares jump 3% as Nomura upgrades stock to ‘Buy' with Rs 1,680 target
By Aman Shukla Published on June 17, 2025, 09:46 IST
Mahanagar Gas Ltd (MGL) shares gained 3% in early trade after Japan-based brokerage firm Nomura upgraded the stock to 'Buy' from 'Neutral' and raised its target price to ₹1,680 from ₹1,345. The upgrade positions MGL as Nomura's top pick among city gas distribution (CGD) companies. As of 9:45 AM, the shares were trading 1.42% higher at Rs 1,409.50.
According to Nomura, MGL offers the highest expected volume growth among peers, limited exposure to the volatile industrial and commercial (I&C) segment, and trades at an attractive valuation. The brokerage also believes MGL is better positioned than its peers, such as Indraprastha Gas Ltd (IGL), in navigating electric vehicle (EV)-related regulatory risks.
The bullish stance reflects strong confidence in MGL's growth trajectory and operational stability in a dynamic energy landscape.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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