India's Macrotech Developers at record high on new Mumbai bridge boost

Lodha Developers

12/01/2024 09:20

** Shares of real estate firm Macrotech Developers  MACE.NS 
rise 8.2% to record high at 1,225 rupees
    ** Jefferies says Mumbai's new Trans Harbor Link to benefit
MACE, which has a 4,300+ acre land bank in city outskirts
    ** Sees potential for Mumbai land prices to rise, despite
having doubled in 3 years
    ** Notes pricing ~60 mln rupees (~$724k)/acre now vs MACE
target of 100 mln by FY26
    ** Analysts avg rating on MACE is "buy", same as rival
Prestige  PREG.NS ; Godrej  GODR.NS  and Oberoi Realty  OEBO.NS 
are "hold" - LSEG data
    ** MACE's median PT is 900 rupees, ~25% lower than current
price - LSEG data
 
 ($1 = 82.8905 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))