Macrotech Developers surges on planning to bring down net debt to below Rs 6,000 crore by end of FY24
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Macrotech Developers is currently trading at Rs. 882.95, up by 14.95 points or 1.72% from its previous closing of Rs. 868.00 on the BSE.
The scrip opened at Rs. 885.40 and has touched a high and low of Rs. 889.20 and Rs. 869.20 respectively. So far 3366 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 917.05 on 28-Nov-2023 and a 52 week low of Rs. 355.50 on 24-Feb-2023.
Last one week high and low of the scrip stood at Rs. 917.05 and Rs. 861.50 respectively. The current market cap of the company is Rs. 83713.07 crore.
The promoters holding in the company stood at 74.93%, while Institutions and Non-Institutions held 24.02% and 1.05% respectively.
Macrotech Developers is planning to bring down its net debt to below Rs 6,000 crore by end of this fiscal year (FY24). The company has reduced its net debt by about Rs 540 crore to Rs 6,730 crore in the second quarter of this fiscal (Q2FY24). The company had a strong performance during the September quarter on all important metrics -- sales bookings, collections of fund from customers against sales and acquisition of new land parcels for business development.
Macrotech Developers is primarily engaged in affordable residential real estate developments and in 2019, it entered into the development of logistics and industrial parks and also develop commercial real estate.
