India's Macrotech Developers gains as brokerage raises target price

Lodha Developers

10/12/2024 08:09

** Shares of Macrotech Developers  MACE.NS  climb as much as
2.2% to 1,407.05, its highest in over two months 
    ** Antique Stock Broking keeps "buy" rating, hikes target
price on stock by ~31% to 1,851 rupees 
    ** New TP at 34.5% premium on last close 
    ** Believe co's Palava City land development project will
see strong demand for residential segments, Antique says in a
note
    ** Adds rapid infra upgrades are improving connectivity to
the site and will drive demand for the site as a data hub 
    ** Raises sales booking estimates for FY25 and FY26 by 2%
and 6%, respectively 
    ** Analysts' avg rating on MACE is "buy", same as peer
Godrej Properties  GODR.NS  while Oberoi Realty  OEBO.NS  is
rated "hold" - LSEG data 
    ** MACE up ~37% YTD, while GODR and OEBO gain 42% and 48%,
respectively 
    

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))