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Macrotech Developers falls 9% in wake of block deals

The stock of Macrotech Developers opened sharply lower after the counter saw around 5.8 million shares or 1.2% stake change hands in two tranches, Bloomberg reported.

August 04, 2022 / 10:43 AM IST
 
 
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Shares of realty firm Macrotech Developers Ltd on Thursday dropped as much as 8.6% after block deals, Bloomberg reported. Details of the buyers and sellers were not known.

The stock opened sharply lower after the counter saw around 5.8 million shares or 1.2 percent stake change hands in two tranches, Bloomberg reported.

The stock hit a low of Rs 1,010 and fell as much as 8.59 percent on the BSE. At 10.40 am, the scrip was trading at Rs 1,035, down 6.2 percent from its previous close. This year so far, the stock has been down nearly 16 percent.

Last week, Mumbai-based Macrotech Developers, formerly Lodha Developers, reported a 68 per cent year on year increase in consolidated net profit to Rs 270.80 crore for the June quarter on better sales. Total income rose to Rs 2,675.78 crore in the quarter from Rs 1,749.97 crore a year ago.

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The firm has delivered more than 86 million square feet of real estate and is currently developing around 100 million square feet.

Moneycontrol News
first published: Aug 4, 2022 10:43 am
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