Macrotech Developers shares rose to an all-time high today after foreign brokerage Jefferies maintained the buy call and raised target price for the stock. Shares of Macrotech Developers reached Rs 1,178.85, rising 4.96% against previous close of Rs 1123.15 on BSE.
The stock has gained 8.26% in the last 2 days. The realty stock opened with a gain of 2.48% at Rs 1,151 on BSE. Macrotech Developers share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Total O.50 lakh shares changed hands amounting to turnover of Rs 5.72 crore. Market cap of the firm rose to Rs 50,728 crore.
Jefferies increased the target price of Macrotech Developers to Rs 1,220 against Rs 1,068 per share . It also raised the FY23-24 sales estimate for the real estate developer by 7-10 percent.
In Q2, sales more than doubled, indicating a strong housing market, while its London investments also performed well and stayed the course to return surplus by FY24. The debt reduction targets have been maintained and large land bank can provide upsides as pricing improves, said Jefferies.
The Mumbai-based developer, which markets properties under the Lodha brand reported 88 per cent growth in its sales bookings to Rs 2,003 crore for the September 2021 quarter. In London business, Macrotech Developers achieved a sales booking of Rs 1,450 crore in the September quarter.
Abhishek Lodha, MD and CEO of Macrotech Developers, said, “Led by the strength of our brand and resilient industry trends, we have shown strong pre-sales growth of 88 per cent during the quarter on a y-o-y (year-on-year) basis and more than doubled our pre-sales on a q-o-q (quarter-on-quarter) basis.”