India's Macrotech jumps over 10% on 25-bln-rupee investment plans

Lodha Developers

08/05/2023 08:00

** Shares of Macrotech Developers Ltd  MACE.NS  rise as much
as 10.81%, most intraday pct gain in over two months, to 993
rupees
    ** Real estate co top gainer in realty index  .NIFTYREAL ,
which is up 3%
    ** Stock most active in over two months since May 2, with a
trading volume of 2.1 mln shares as of 12:28 p.m. IST, 4.3x the
30-day avg of 483,682 shares - Refinitiv data
    ** About 204,307 shares change hands in a block as of 12:28
p.m. IST, at a price of 918.70 rupees per share - Refinitiv data
    ** Co announces plans to invest 25 bln rupees ($305.90
million) in FY24 to buy land and pay back its joint venture
partners against land acquired in previous years - NSE
    ** The moving average converge divergence line reversed
above the signal line on Monday, suggesting near-term bullish
bias 
    ** Of 15 analysts tracking MACE, 12 maintain "buy" and three
suggest "hold"; median TP is 1,256 rupees

($1 = 81.7260 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))