India's Macrotech, Prestige climb to over one-year high

Lodha Developers

12/06/2023 07:24

** Shares of Indian real estate firm Macrotech Developers
 MACE.NS  rise as much as 4% to 623 rupees, their highest since
Feb 22, 2022
    ** Shares of Prestige Estate Projects  PREG.NS  rise as much
as 3.1% to 553.3 rupees, their highest since Jan 18, 2022
    ** MACE and PREG stock above 50-, 100-, and 200- day SMAs
since May 29 and April 19, respectively
    ** Moving Average Convergence Divergence (MACD) of MACE and
PREG above signal line since May 29 and June 5, respectively,
indicating a bullish bias
    ** Analysts keep bullish view of real estate firms on
upticking sales, price hikes and likely peaked-out interest
rates
    ** Motilal Oswal says interest rates likely to have peaked
out
    ** Adds growth to be complemented by market share gains on
increased penetration into more markets
    ** More than MACE 584,000 shares (0.3x 30-day avg) and
672,000 PREG shares (1.2x 30-day avg) traded 
    ** MACE and PREG up 9.9% and 15.8%, respectively, so far
this year, as of last close
   

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))