Shares of Mahanagar Gas Ltd (MGL) traded 0.93% lower at ₹1,282.90 on Monday (October 13), even as Morgan Stanley reiterated its 'Overweight' rating on the stock with a target price of ₹1,749.

The brokerage said the upcoming Navi Mumbai International Airport could become a key long-term growth driver for the city gas distributor, with the potential to add around four billion miles of travel. As new road networks develop around the airport, Morgan Stanley estimates this could double MGL’s total addressable market (TAM) over the next decade.

According to the report, natural gas will not just act as a transition fuel, but will become core to Mumbai’s transportation needs as the city expands. MGL could see its gas consumption growth rise by 100 basis points annually, to a 7% CAGR between FY

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