Macrotech Developers share price recovers 15% from yesterday's lows

Macrotech Developers share price today has shot up to Rs 484, up Rs 19 or 4%. The company got listed on the stock exchanges at Rs 436 per share against the issue price of Rs 486 per share recently and that means it has clawed its way back up to the issue price. The stock price had made a low of Rs 422.6 yesterday. The market cap of the company is Rs 21670 cr. The stock recovered over Rs 60 or nearly 15% from yesterday's low. Retail investors who got the allotment were left disappointed due to the weak listing. The stock price made a high of Rs 488.95 in today’s trading session, going above the issue price.

Saurabh Joshi - Research Analyst from Marwadi Shares and Finance said that they have issued a Not Rated IPO note on Macrotech Developers and as expected the IPO opened at discount to the issue price. The company has a substantial amount of debt and contingent liabilities and the impact of covid on the business is still uncertain. Moreover, the company is hugely focused on the MMR region which is worst affected by covid, hence they advise the investors of this IPO to exit in case of any bounceback in the share price.
 

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Macrotech Developers was incorporated as ‘Lodha Developers Private Limited’ on September 25, 1995. Macrotech Developers is the largest real estate developer in India, by residential Sales value for the financial years 2014 to 2020. Their core business is residential real estate developments with a focus on affordable and mid-income housing. Currently, they have residential projects in the Mumbai Metropolitan Region (“MMR”) and Pune.