BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
We have cut the rating on Mahanagar Gas Ltd. due to muted risk-reward post the more than 13% rally in the stock in the last three months, which discounts healthy earnings growth as well as the recent news about an increase in administered pricing mechanism gas for compressed natural gas/domestic piped natural gas segments.
The latter could be a concern based on likely increase in APM gas prices over H1 FY23 and in FY24, especially if petrol/diesel prices were to be cut in line with our forecast of oil prices declining by $25/barrel of oil to $75/bbl in FY24E.
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