India's Macrotech Developers hits record high on strong Q3 pre-sales

Lodha Developers

05/01/2024 04:43

** Shares of real estate firm Macrotech Developers  MACE.NS 
rise as much as 9.3% to record high of 1,198.90 rupees
    ** Co says it achieved best ever Q3 pre-sales of 34.1 bln
rupees ($409.76 mln), up ~12% Y/Y
    ** For first 3 qtrs of FY24, pre-sales amounted to 103 bln
rupees, co says on track to achieve FY24 pre-sales forecast
    ** Stock third-biggest gainer on Nifty realty index
 .NIFTYREAL  
    ** Stock on track to gain for fourth straight week
    ** More than 2.3 mln shares traded so far vs 3.3 mln shares
traded on Thursday
    ** Mean rating of analysts rating the stock is "buy"; median
PT is 842.50 rupees, 42.3% lower than current record high - LSEG
data
    ** MACE last up 3.2%, adding to weekly gains of ~10.5% so
far, vs 9.3% rise in .NIFTYREAL


($1 = 83.2200 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))