View on Mahanagar Gas considering Covid restrictions by Mr. Yash Gupta, Angel Broking
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Below are Views on Mahanagar Gas considering Covid restrictions by Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd
New Restriction in Maharashtra to hurt Mahanagar Gas volumes, Maintain SELL rating. Due to increase in cases of covid in Maharashtra, state government has increased the restriction on travel in the state. Due to all this restriction, we expect CNG volumes to come down by 20%-40%, CNG volumes contribute 70% of company overall volumes. We may see some jump in PNG domestic consumption but that can't offset the overall volume decline. We expect overall volume to degrow by 15% - 30% in the current month and sales to degrow by 15% - 25%. We maintain our SELL rating on Mahanagar Gas Limited.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
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