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MGL share: Morgan Stanley retains ‘Overweight' with Rs 1,797 target, calls gas push Mumbai's ‘Teslalike moment'
By News Desk Published on June 10, 2025, 08:55 IST
Morgan Stanley has reiterated an 'Overweight' rating on Mahanagar Gas Ltd (MGL) with a target price of ₹1,797/share, highlighting structural growth tailwinds in Mumbai's natural gas ecosystem.
The brokerage says MGL is 'moving Mumbai' by gaining market share in a mobility ecosystem equivalent to 125 billion miles — slightly larger than the state of New York in 2023. It believes infrastructure investments in natural gas adoption are expected to rise 1.5x over the rest of the decade.
Morgan Stanley likens the transition to a 'Teslalike moment' for both MGL and Mumbai, driven by increased demand, policy support, and expanding distribution infrastructure for cleaner energy alternatives.
Disclaimer: This article is based on brokerage reports and is meant for informational purposes only. Business Upturn does not provide stock advice or investment recommendations.
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