52-week high: Shares of Macrotech Developers climb over 10% today, keeping mid-cap bulls active!

Indian benchmark indices ended the session significantly higher, getting closer to 52-week highs. The BSE Sensex surged 0.67% to 63,143 level at the close. The Nifty 50 index climbed 0.62% to a level of 18,716. With gains of almost 3%, BSE Realty emerged as the best-performing sector, led by shares of Macrotech Developers Ltd.

Shares of Macrotech Developers Ltd (Lodha), the top BSE Midcap gainer, experienced massive buying interest and soared more than 12% to a 52-week high of Rs 692 per share on the BSE. Shares have experienced a significant rally, gaining over 20% in only the last five trading sessions and delivering 35% returns in just one month! One of the key drivers of this rally could be increased buying interest following the company’s announcement of a bonus issue.

To members whose names are listed in the register of members as of May 31, 2023, which is the record date set for this purpose, the Executive Committee of the Board of Directors of the company has allotted equity shares of Rs 10 each as fully paid-up bonus equity shares, in the ratio of one new fully paid-up equity share of Rs 10 each for every existing one equity share of Rs 10 each.

Taking into account the company’s quarterly performance, on a consolidated basis, it reported a decline of 5.49% from Rs 3,444.56 crore registered in Q4FY22, recording total revenue of Rs 3,255.38 crore in Q4FY23. When comparing the net profit for Q4FY23 to the same quarter last year, it climbed 39.01% from Rs 535.46 crore to Rs 744.36 crore.

Macrotech Developers Ltd is primarily in the real estate development business. It is one of India’s leading real estate developers, with operations in the MMR (Mumbai Metropolitan Region) and Pune markets.

Keep a close eye on this stock for the upcoming sessions!