Macrotech Developer, or Lodha Group, as the Mumbai-based real estate company is known saw its shares drop on Tuesday. The shares of the Mangal Prabhat Lodha-led company dropped despite a ‘Buy’ call by brokerage firm Nomura.
Nomura Issues Buy Call For Lodha
Nomura issued a ‘buy’ call for the company, that has left its footprint in the city of Mumbai among others.
A ‘Buy’ call is considered positive signalling from a broking and rating agency, as it advises the market to invest in the company in question, suggesting better development for its future prospects.
Q3 Business Update
As per Nomura, the company has exhibited a strong operational performance in Q3 Business Update.
In its business update, the develloper claimed that they have achieved their best ever quarter pre-sales of Rs 45.1 billion, exhibiting a 32 per cent YoY growth.
The pre-sales numbers stood at Rs 128.2 billion. The company also added that they have added 8 new projects across different regions including the Mumbai Metropolitian Region, Bengaluru and Pune. The company therefore underscored that it had managed to attain 90 per cent of its full guidance.
The company’s pre-sales number for the recently concluded quarter stood at Rs 45.1 billion, compared last year’s Rs 34.1 billion.
Macrotech Developers Ltd
When we take a look at the company share, although the decline was not signficant, the company shares traded in red with cuts.
This came to pass after the shares of Macrotech Developers started at Rs 1,356.00 per piece.
This is higher than previous session’s closing of Rs 1,346.15. Thereafter, the shares of the Mumbai-based company hit the high of Rs 1,364.95. The prospects then saw a period of decline, as the company shares started trading in red.
At the time of writing, the decline which hovered under 0.50 per cent spiked to 0.83 per cent or Rs 11.15, taking the overall value of the company shares to Rs 1,335.00.
