Mahanagar Gas Limited Share Price Surge resulted in Huge Buying

Mahanagar Gas Limited (NSE/BSE): On February 22, 2024, there was a significant uptick in the shares of Mahanagar Gas Limited (MGL:NSE). As the stock market opened for the day, the shares opened at ₹1510.55 and reached a high of ₹1534.85. Throughout the trading session, MGL shares fluctuated, dropping to ₹1495 at one point but closing at ₹1533.40 by 3:30 in the afternoon. The day saw consistent buying activity in the shares.

Looking ahead, it’s anticipated that when the market opens on Friday, the share price will likely open higher.

Mahanagar Gas Limited Declares Dividend

On February 20, MGL distributed dividends to shareholders at the rate of ₹12 per share directly into their bank accounts. This dividend payout was followed by a significant profit-taking, leading to a decline in the share price. However, buyers re-entered the market, pushing the share price back up to ₹1532.

Also read:Platinum Industries Ltd IPO: Starting from February 27, 2024

Mahanagar Gas Limited Acquires UEPL

On February 1, 2024, Mahanagar Gas Limited acquired Unison Enviro Pvt Ltd (UEPL) for ₹562 crores, opening up several avenues for growth. Following the acquisition, the company is now expanding into several other cities to lay new gas pipelines. It is expected that this move will have a positive impact on Mahanagar Gas’ share price in the near future.

Mahanagar Gas Limited Share Price Target for February 2024

With the observed uptrend in Mahanagar Gas Limited shares, it seems likely that the share price will continue to rise. If you’re considering buying this stock, it’s advisable to hold it for the long term. Holding onto the stock can provide benefits from both dividends and potential increases in share price.

Those contemplating investing in Mahanagar Gas shares can consider this price target until the end of February 2024.