Share of Macrotech Developers formerly known as Lodha Developers zoomed to an all-time high today after the realty firm reported fall in debt and posted positive sales outlook for the current fiscal.
Macrotech Developers stock hit a fresh high of Rs 916.45, up 7.38% from previous close of Rs 853.45 on BSE.
Total 0.40 lakh shares changed hands amounting to turnover of Rs 3.58 crore.
Market cap of the firm rose to Rs 40,710 crore on BSE. Macrotech Developers share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
In a month, the share has gained 34.47% and risen 8.29% in one week.
The firm, which made its debut on bourses in April this year, expects to achieve its target of 50% growth in sales bookings this fiscal to Rs 9,000 crore.
Stock Market Updates: Sensex up 300 points, Nifty above 15,850; Maruti Suzuki, Titan top gainers
The positive outlook came despite sluggish housing demand in April-May considering the second wave of the Covid-19 pandemic.
“Our housing sales were badly impacted during April-May because of the second wave. But, in June, we achieved sales bookings of around Rs 650 crore and demand in July is also good,” said Macrotech Developers MD and CEO Abhishek Lodha.
Asked whether the company would revise downward its sales bookings guidance, Lodha replied in negative.
“Sales bookings in April-May were very low but we have already factored that in our sales guidance. We are on track to achieve Rs 9,000 crore figure, provided there is no further disruption,” he said.
Sales bookings stood at Rs 5,970 crore last fiscal year. In Q1 of the current fiscal, Macrotech Developers clocked a total sales booking of Rs 957 crore, of which Rs 654 crore came in June.
In another positive development, the realty firm in an investors presentation said it has reduced net debt by 23 per cent in Q1 to Rs 12,435 crore and aims to bring down its borrowings below Rs 10,000 crore level.
Net debt of the firm stood at Rs 16,076 crore as on March 31, 2021.
