Dividend Stocks: Oil and gas sector giant Mahanagar Gas Limited (Mahanagar Gas) performed weakly in the December quarter as expected. Despite this, brokerages are bullish on this stock. Today this stock is seeing a great growth of 2.6 percent and it is trading at the level of Rs.872 (Mahanagar Gas Share Price). This government company has announced 100 percent dividend (Mahanagar Gas Dividend Announcements) for its shareholders. This is the first interim dividend for the current financial year i.e. 2022-23. Earlier in August 2022, the company had announced a final dividend of 155 per cent. Overall, 255 percent dividend (Mahanagar Gas Dividend) has been announced to the investors so far in this fiscal. Despite the weak results, brokerages are bullish on the stock. He estimates that it will accelerate by about 20 percent from the current level. He has advised BUY.
When will the dividend money come?
According to information available on BSE, Mahanagar Gas has declared 100% interim dividend of Rs 10 per share on the basis of face value of Rs 10. The X-record date has been fixed on 14 February. The board meeting was held on February 2, in which the dividend was announced. According to the information sent to the exchange, the payment will be made within 30 days of the dividend announcement (Mahanagar Gas Dividend Payment Date). This means, this money will come to the investors' account by March 4.
Mahanagar Gas target price
Brokerage firm ICICI Securities has recommended buy on Mahanagar Gas Limited. For this, a target of Rs 1050 (Mahanagar Gas Target Price) has been given. The brokerage has given this target for the next 12-18 months. Right now this share is close to Rs.870. The target price is more than 20 percent from the current level. Sharekhan has retained the old target price of Rs 1010 for this. It has also given BUY rating.
Mahanagar Gas Q3 Results
Talking about the December quarter results (Mahanagar Gas Q3 Results), the profit after tax of Mahanagar Gas was 172 crores. It registered a growth of 5 per cent on a quarterly basis. On an annual basis, it registered a growth of 203 per cent. The net profit of the company was 56.79 crores in the December 2021 quarter. This was 18 percent less than Sharekhan's estimate. The major reason for the decrease in PAT is the decrease in volume and EBITDA. The suggestion made by the Kirit Parikh Committee on gas pricing is expected to be implemented by March 2023. The brokerage says that the reduction in the price of gas will improve the volumes and margins of the company.
(Disclaimer: The advice given here to invest in stocks is given by a brokerage house. These are not the views of Zee Business. Before investing, consult your advisor.)
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