MGL Stock Surges: Technical Breakout Signals 20% Upside Potential Despite Recent Slump

Mahanagar Gas Limited (MGL) shows strong recovery signs after breaking out from a rectangle consolidation pattern, despite being down 30% from its previous highs. Technical analysis suggests a potential upside target of ₹1,500 in the next 1-2 months. The stock, which recently traded ex-dividend with a ₹12 per share payout, has maintained resilient fundamentals with a market cap of ₹12,978 crore. Analysts remain bullish on MGL's growth prospects, supported by its extensive network of 348 CNG stations and over 6,000 kilometers of pipeline infrastructure.

Source: Axis Securities, Economic Times