Macrotech Developers gains about 9% in four days

7 Oct 2022 , 11:55 AM

Shares of Macrotech Developers have risen 8.55% in four straight sessions. The stock had underperformed the market over the past one month, dropping 8.72% compared with 1.73% decline in the Sensex. The scrip underperformed the market in past one quarter, falling 8.38% as against Sensexs 7.07% rise. The scrip had also underperformed the market in past one year, sliding 9.9% as against Sensexs 2.80% fall. On the technical front, the stocks daily RSI (relative strength index) stood at 45.64. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading below its 50-day 100-day and 200-day simple moving average (SMA) placed at 1065.73, 1052.39 and 1100.45, respectively. These levels will act as resistance in the near term. The realty firm on Thursday (6 October) announced that it registered 57% year-on-year growth in pre-sales at Rs 3,148 crore for Q2 FY23. It recorded pre-sales of Rs 6,004 crore in H1 FY23, which is about 52% of the companys full year guidance of Rs 11,500 crore. This was backed by strong housing demand despite the rise in mortgage rate. The companys collections in India were Rs 2,375 crore, up 24% year-on-year in Q2 FY23. During the said quarter, it added four new projects across Mumbai Metropolitan Region (MMR) and Pune with a combined area of about 2.2 million sq ft and an estimated gross development value (GDV) potential of Rs 3,100 crore. The companys net debt reduced by about Rs 60 crore to Rs 8,796 crore in the second quarter of the current financial year. Macrotech Developers (Lodha Group) is among the largest real estate developer in India that delivers with scale since 1980s. Core business of Lodha Group is residential real estate development with a focus on affordable and mid-income housing. The real estate developers net profit soared 68.3% to Rs 270.80 crore on 66.7% surge in net sales to Rs 2,675.75 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News