India's Macrotech Developers jumps on upbeat Q2 business update

Lodha Developers

07/10/2024 05:44

** Shares of real estate developer Macrotech Developers
 MACE.NS  rise 2.4% to 1,201 rupees
    ** Stock top gainer on Nifty realty index  .NIFTYREAL ,
which is down 0.17%
    ** Co on Friday reported Q2 pre-sales of 42.9 bln rupees
($511 mln), up 21% Y/Y
    ** Says it is on target to meet FY25 guidance of 20%
pre-sales growth
    ** Stock among 8 of 10-member realty index with an avg
recommendation of "buy" - LSEG data
    ** Median PT of 17 brokerages is 1,450 rupees
    ** Stock up 17% so far this year vs a 31% gain in realty
index

($1 = 83.9560 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))