Share price of this large-cap stock fell by nearly 11.6% on NSE to Rs. 990.9 in the trading session of March 13th, compared to its previous closing price of Rs. 1,121.05, after a promoter sold its stake in the company.
With a market capitalisation of Rs. 1.02 lakh crores, at 01:15 p.m. the share price of Macrotech Developers Limited was trading in the red at Rs. 1,032.4, down by 7.91 percent.
In the last one year, the company has delivered about 134.7 percent of multibagger returns and nearly 29.8 percent in the last six months. However, so far in 2024, it has given around 1.7 percent of negative returns.
The fluctuations in the share price were observed after promoter Sambhavnath Infrabuild And Farms Pvt. Ltd. sold 49.72 lakh equity shares, representing a 0.5 percent stake, in Macrotech Developers on Tuesday at an average price of Rs. 1,180.02, totalling nearly Rs. 586.71 crores.
As of 7th March 2024, Sambhavnath Infrabuild And Farms Private Limited held around 27.33 crore shares or a 27.49 percent stake in the company.
Whereas, the Government of Singapore also holds stake in the company of around 1.18 crore equity shares, representing 1.19 percent of the equity stake in the company.
Last week, the company announced the successful raising of about Rs. 3,300 crore equity through qualified institutional placement (QIP), which is the 4th equity raise in the last 36 months.
In terms of financials, Macrotech’s revenue from operations increased by 67.4 percent from Rs. 1,750 crore in Q2 FY23-24 to Rs. 2,931 crore in Q3 FY23-24.
The net profit of the company also increased by 148.7 percent to Rs. 505 crore in Q3 FY23-24 from Rs. 203 crore in Q2 FY23-24.
As of March 2024, FIIs hold 23.26 percent of the shares, whereas DIIs hold 3.32 percent of the shares in the company, aggregating to 26.58 percent of the institutional holdings.
Lodha Group, also known as Macrotech Developers, is primarily engaged in the business of real estate development and is among the largest real estate developers in India with a presence in MMR (Mumbai Metropolitan Region) and Pune markets.
Written by Shivani Singh
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