penetration from rising vehicle and PNG penetration. We continue to like MGL's business given their dominating share in the growing markets of Mumbai and suburbs. Reiterate BUY. Healthy margins and volume traction drive earnings: Mahanagar Gas' (MGL's) reported Q3FY19 EBITDA and PAT at Rs2.4bn (PLe: Rs2.2bn; +19%YoY) and Rs1.48bn (PLe: Rs1.4bn; +20%YoY), respectively. The earnings momentum was due to higher than expected Q3 gas sales volume of 8.1% YoY and better margins. Going forward, CNG volumes is likely to remain healthy on the back addition of new...