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Mahanagar Gas rises on reporting 99% jump in Q2 net profit

Mahanagar Gas is currently trading at Rs. 970.30, up by 0.90 points or 0.09 % from its previous closing of Rs. 969.40 on the BSE.

The scrip opened at Rs. 980.00 and has touched a high and low of Rs. 991.05 and Rs. 962.60 respectively. So far 20899 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1057.20 on 29-Mar-2019 and a 52 week low of Rs. 754.70 on 22-Jul-2019.

Last one week high and low of the scrip stood at Rs. 991.05 and Rs. 952.00 respectively. The current market cap of the company is Rs. 9575.52 crore.

The promoters holding in the company stood at 32.50%, while Institutions and Non-Institutions held 57.05% and 10.45% respectively.

Mahanagar Gas has reported 98.56% rise in its net profit at Rs 270.62 crore for the quarter ended September 30, 2019 as compared to Rs 136.29 crore for the same quarter in the previous year. Total income of the company increased by 13.24% at Rs 884.53 crore for Q2FY20 as compared Rs 781.10 crore for the corresponding quarter previous year.

Mahanagar Gas (MGL) is a city gas distribution company. The company is engaged in the distribution of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai and its adjoining areas and in the Raigad district in the state of Maharashtra.