India's Macrotech up after MS sees higher core profit margin on presales, hikes PT

Lodha Developers

30/04/2024 09:01

** Shares of Indian property firm Macrotech Developers
 MACE.NS  up 2.7% after climbing ~3% earlier in the session 
    ** Co third-highest gainer in Nifty realty index
 .NIFTYREAL , which is up 2.3%  
    ** Morgan Stanley raises PT on co to 1,230 rupees on back of
higher core profit on pre-sales, retains "equal-weight" rating 
    ** New PT at 17% premium to MS' previous PT and 0.7% higher
than consensus mean PT - LSEG data 
    ** Recent success in Bengaluru market, institutional
share-sale has derisked business, MS says  
    ** Adds co's reliance on home turf Mumbai reduced to 78% in
FY24 vs ~90% yr ago after ramp-ups in Pune, Bengaluru 
    ** YTD, stock has gained 23% while Mumbai-focused peer
Oberoi Realty  OEBO.NS  has risen 4% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))