Mahanagar Gas Approves Rs 12/Share Interim Dividend – Here’s When You’ll Get Paid

The Indian natural gas distributor Mahanagar Gas Limited (MGL) provides compressed natural gas (CNG) and piped natural gas (PNG). One of the top natural gas distribution companies in India, Mahanagar Gas Limited (MGL), was established on May 8, 1995. It is a joint venture between the Maharashtra government, BG Group UK, and GAIL (India) Limited.

Mahanagar Gas Dividend

"We wish to inform that, the Board of Directors ( ) of the Company at its meeting held today i.e. Tuesday, January 28, 2025 has considered and approved the declaration of Interim Dividend of Rs. 12/- per equity share having face value of Rs. 10/- each for the Financial Year 2024-25. 'Board' Further, pursuant to Regulation 42 of Listing Regulations, the Board has fixed Monday, February 03, 2025 as the Record Date for the purpose of determining the entitlement of shareholders to the Interim Dividend. The Interim Dividend for the Financial Year 2024-25 shall be paid to the entitled shareholders within 30 days from the date of its declaration," said Mahanagar Gas in a stock exchange filing.

Mahanagar Gas Financials

The company's December 2024 quarter net sales of Rs 1,847.41 crore represented a 17.76% growth over the December 2023 quarter's net sales of Rs 1,568.76 crore. In the quarter that ended in December 2024, its net profit was Rs. 221.24 crore, a 30.25% drop from Rs. 317.18 crore in the quarter that ended in December 2023. EBITDA decreased 26.17% from Rs. 496.76 crore in Q3FY24 to Rs. 366.78 crore in Q3FY25.

Mahanagar Gas Share Price Target

Hardik Matalia - Derivative Analyst at Choice Broking said, "MGL is currently trading around Rs 1,265, moving within a narrow 150-point range after a significant correction of nearly 45% from its peak. The stock has shown some resilience, bouncing from lower levels, but remains in a consolidation phase. Despite multiple attempts, it has yet to break out of this range, indicating indecisiveness in the market. Given the ongoing consolidation, traders should wait for a decisive breakout before taking any fresh positions."

"A breakout on the higher side could signal a bullish uptrend, with potential targets around Rs 1,350 initially. If the stock sustains above this level, it may continue its upward momentum toward Rs 1,500, aligning with long-term resistance levels. However, the Relative Strength Index (RSI) at 47.28 is currently neutral and trading sideways, suggesting that the stock lacks strong momentum. For a sustained bullish move, the RSI needs to break into a trending phase to support the price action. Additionally, MGL is hovering around its short-term and medium-term EMAs, and a breakout above these levels could trigger further upside potential," the analyst added.

"At the current price, it is not advisable to initiate fresh buying as there is no clear directional move. Traders should wait for a price or range breakout with proper confirmation before entering. If the stock gives a sustainable move above key resistance levels, it could attract fresh buying interest. However, a failure to break out may result in continued sideways movement, requiring cautious trading with strict risk management," Hardik Matalia suggested.

Disclaimer

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