Mahanagar Gas firms up after good Q2 earnings

Mahanagar Gas rose 3.72% to Rs 800.75 at 10:03 IST on BSE after net profit rose 40.88% to Rs 102.24 crore on 3.11% decline in total income from operations to Rs 574.18 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours yesterday, 28 November 2016.

Meanwhile, the BSE Sensex was up 117.26 points, or 0.45%, to 26,467.43.

On BSE, so far 1.02 lakh shares were traded in the counter, compared with average daily volume of 75,985 shares in the past one quarter. The stock hit a high of Rs 827.90 and a low of Rs 798.50 so far during the day. The stock hit a record high of Rs 899 yesterday, 28 November 2016. The stock hit a record low of Rs 493.20 on 13 July 2016. The stock had outperformed the market over the past 30 days till 28 November 2016, rising 0.88% compared with the 5.66% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.39% as against Sensex's 7.03% decline.

Shares of Mahanagar Gas entered the stock market on 1 July 2016. The mid-cap company has equity capital of Rs 98.78 crore. Face value per share is Rs 10.

Mahanagar Gas (MGL) is one of India's leading natural gas distribution companies. MGL is a joint venture between GAIL (India) and BGAPH (a subsidiary of Royal Dutch Shell Plc).

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