India's Macrotech Developers hits more than 1-1/2 yr high

Lodha Developers

06/07/2023 08:02

** Shares of Macrotech Developers  MACE.NS  rise as much as
5.46% to 740 rupees, hitting highest level since Dec. 8, 2021
    ** Stock on track for a seventh consecutive session of gain,
if trends hold
    ** MACE on Tuesday reported Q1 operational update, pre-sales
up ~17% Y/Y 
    ** Brokerage Nuvama expects sales momentum to stay healthy;
retains "buy" rating with TP of 828 rupees
    ** Revival in housing demand, co's leadership in the Mumbai
Metropolitan Region, ready inventory liquidation likely to
culminate in robust cash flows - Nuvama
    ** Share price above 50-day, 100-day and 200-day exponential
moving averages since May 29, suggesting bullish trend
    ** More than 1.8 mln shares change hands by 12:13 p.m. IST,
around the same as the 30-day avg
    ** Avg rating of 15 analysts close to equivalent of "buy",
median PT is 631 rupees - Refinitiv data
    ** Including session's gain, stock up ~33.2% YTD


($1 = 82.4580 Indian rupees)

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