India's Macrotech Developers gains as Nomura starts with 'buy'

Lodha Developers

16/09/2024 06:30

** Shares of Macrotech Developers  MACE.NS  rise 3.2% to
1,269.5 rupees
    ** Brokerage Nomura starts with "Buy", sets PT of 1,600
rupees - a 30% premium to last close 
    ** Says rating backed by realty firm's strong sales growth
outlook, which is aided by project executions in Mumbai
metropolitan region
    ** Adds infra upgrades in Maharashtra's Palava city bodes
well for MACE, which owns land parcel in the area
    ** Sees Palava city's sales volumes growing once upgrades in
place
    ** Analysts' avg rating is "Buy"; median PT is 1,450 rupees
- LSEG
    ** MACE up 24% YTD vs ~36% gains in Nifty realty index
 .NIFTYREAL 

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