Mahanagar Gas sizzles after good Q4 performance

Mahanagar Gas rose 1.93% to Rs 975.20 at 11:07 IST on BSE after net profit increased 17.87% to Rs 99.47 crore on 2.57% rise in total income to Rs 538.28 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours on Friday, 26 May 2017.

Meanwhile, the S&P BSE Sensex was up 24.87 points or 0.08% at 31,053.08. The S&P BSE Mid-Cap index was down 107.57 points or 0.74% at 14,412.33.

On the BSE, 16,000 shares were traded on the counter so far as against the average daily volumes of 19,929 shares in the past one quarter. The stock had hit a high of Rs 988 and a low of Rs 966 so far during the day. The stock had hit a record high of Rs 1053.20 on 28 April 2017 and a record low of Rs 493.20 on 13 July 2016.

The stock had underperformed the market over the past one month till 26 May 2017, sliding 6.01% compared with 2.97% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 10.77% as against Sensex's 7.39% gains.

The mid-cap company has equity capital of Rs 98.78 crore. Face value per share is Rs 10.

Mahanagar Gas said that the board of directors of the company has recommended a final dividend of Rs 11 per equity share for the financial year ended 31 March 2017.

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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