Shares of Macrotech Developers skyrocket by 8% and hit a fresh 52-week high; here's why

Looking back over the past year, the company’s shares have yielded multibagger returns of 101.07%, in the same time frame BSE Realty has changed by 92.84%.

Stock Performance
Today, the broader market BSE Sensex is trading in the green, up by around 0.66%. The most focused sector currently is BSE Realty with all stocks in the sector trading positively leading to a sectoral rise of 5.94%. Macrotech Developers hit a fresh 52-week high today at Rs 1,090, while its 52-week low stands at Rs 355.50. In the last trading session, the stock closed at Rs 1,004.30. Today, it opened at Rs 1,010.15 and is currently trading at Rs 1,086, marking an increase of 8.14%. The company has crossed the 1 lakh crore market capitalisation mark and currently stands at approximately Rs 1,04,800 crore.

Over the past six months, the company’s shares have provided staggering returns of 53.79%. Looking back over the past year, the company’s shares have yielded multibagger returns of 101.07%. In the same time frame, BSE Realty has changed by 92.84%.

About the Acquisition
Macrotech Developers today reported to the exchanges that it has recently finalised the acquisition of Goel Ganga Ventures India Private Limited (GGVIPL), a real estate development firm established in July 2020. GGVIPL operates exclusively within India and specializes in real estate development and associated activities. Over the past three fiscal years, GGVIPL has reported nil turnovers. The acquisition is set to be completed by January 15, 2024. This acquisition marks a strategic expansion within the real estate domain for Macrotech Developers, aligning with their core business objectives.

About the company
Macrotech Developers Ltd is primarily engaged in the business of real estate development. It is among the largest real estate developers in India with a presence in MMR (Mumbai Metropolitan Region) and Pune markets. It also develops commercial real estate including as part of mixed-use developments in and around its core residential projects.

The company’s brands include Lodha, CASA by Lodha and Crown - Lodha Quality Homes for its affordable and mid-income housing projects the Lodha and Lodha Luxury brands for its premium and luxury housing projects and the iThink, Lodha Excelus and Lodha Supremus brands for its office spaces.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.