Mahanagar Gas Sees Significant Open Interest Surge Amid Increased Derivatives Activity
Mahanagar Gas Ltd. has seen a notable increase in open interest, reaching 25,923 contracts, alongside a trading volume of 18,571 contracts. Despite underperforming its sector today, the stock has gained 8.08% over the past six days, with significant delivery volume reflecting heightened market activity.
Mahanagar Gas Ltd. (MGL), a key player in the Gas Transmission and Marketing industry, has experienced a significant increase in open interest today. The latest open interest stands at 25,923 contracts, marking a rise of 4,768 contracts or 22.54% from the previous open interest of 21,155. This uptick in open interest coincides with a trading volume of 18,571 contracts, indicating heightened activity in the derivatives market.In terms of performance, Mahanagar Gas has underperformed its sector by 2.38% today, despite a positive trend over the past six days, during which the stock has gained 8.08%. The stock is currently trading at an underlying value of Rs 1,388, with a total futures value of Rs 48,938.81 lakhs and an options value of approximately Rs 5,505.48 crore.
Additionally, the stock's delivery volume on March 21 reached 159,000 shares, reflecting a 58.54% increase compared to the five-day average. Mahanagar Gas maintains liquidity suitable for trades around Rs 1.06 crore, based on 2% of the five-day average traded value. Overall, the notable rise in open interest highlights a shift in market dynamics for Mahanagar Gas, underscoring the stock's current trading activity.
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