“MGL is strategically poised to leverage new opportunities in the CGD sector, as it continues to expand its areas of operations while providing high quality services to its customers. The acquisition would help MGL expand its network within and beyond Maharashtra and offer its quality services with safety to a broader customer base, thereby contributing towards long term growth of the organisation,” Shinghal added.

The shares of Mahanagar Gas rose as much as 8.5% to hit a 52-week high of ₹983.60 intraday after opening higher at ₹926 against the previous closing price of ₹906.60 on the BSE. The stock breached its previous high of ₹931.45 touched on February 16, 2023. It hit a 52-week low of ₹666.35 on June 20, 2022.

At 1:15 pm, Mahanagar Gas shares were quoting at ₹971.20, up 7.13%, while the market capitalisation stood at ₹9,593.30 crore. There was a surge in volume as 1.58 lakh shares changed hands over the counter as compared to the two-week average volume of 0.11 lakh stocks.

The shares of Mahanagar Gas have delivered a return of 36% in the last one year, while it added over 12% in six-month period. On the year-to-date (YTD) basis, the counter has risen 15%, while it rose 10% in a month. In the last one week, the mid-size energy company has gained nearly 11%.

For the December quarter of the current fiscal (Q3 FY23), Mahanagar Gas posted 203% growth in its net profit at ₹172.07 crore as compared to ₹56.79 crore in Q3 FY22. The net sales jumped 63.72% to ₹1,838.44 crore from ₹1,122.89 crore in the quarter ended December 2021. EBITDA grew 148.40% YoY to ₹256.1 crore in Q3 FY23 against ₹103.1 crore in Q3 FY22. The board of the company also declared an interim dividend of ₹10 per share for the financial year 2022-2023.

city gas distribution business

Mahanagar Gas shares hit 52-week high on acquisition of Unison Enviro