Macrotech Developers hits record high; jumps 22% in five days

Shares of Macrotech Developers have rallied nearly 22.8% in five trading sessions from its previous closing low of Rs 650.45 on 6 July 2021. The counter hit a record high of Rs 826.65 in intraday today. The stock has soared 148.4% from its 52-week low of Rs 132.4 hit on 16 July 2020. In last one month, Macrotech Developers has jumped 16.7% compared with 0.14% rise in Nifty 50 index.

On the technical front, the stock’s RSI (relative strength index) stood at 72.7. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The counter saw demand after the realty company said that it has clocked pre-sales of Rs 957 crore in Q1 FY22, up by 88% from Rs 509 crore in Q1 FY21. The company’s pre-sales are, however, lower by 62% compared with Rs 2,531 crore in Q4 FY21. Customer collections stood at Rs 1,714 crore in the first quarter of the current financial year, higher by 346% compared with the corresponding period a year before. Sequentially, the collections have declined by 18% from Rs 2,089 crore in Q4 FY21. The real estate firm has reduced consolidated net debt by Rs 3,600 crore during the quarter. Lodha has entered into joint development agreements with two new projects totaling 1.5 million sq ft of saleable area.

Macrotech Developers, formerly known as Lodha Developers, is one of the largest real estate developers in India. The core business of the company is residential real estate developments with a focus on affordable and mid-income housing. It also develops commercial real estate, including as part of mixed-use developments in and around core residential projects.

Shares of Macrotech Developers entered the stock exchanges on 19 April 2021. The stock was listed at Rs 439, a discount of 9.67% to the IPO price of Rs 486. The price band for the IPO was set at Rs 483-486 per share.

The real estate developer reported 135.7% surge in consolidated net profit to Rs 310.55 crore in Q4 FY21 from Rs 131.74 crore recorded in Q4 FY20. Revenue from operations declined 20% year-on-year to Rs 2533.56 crore in Q4 FY21.

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