Shares of Macrotech Developers Ltd. surged nearly 8% to a life-time high on Thursday after it acquired 100% stake in Goel Ganga Ventures India Ltd.
After the acquisition, Goel Ganga Ventures will be wholly-owned subsidiary of the company which operated under the Lodha brand, an exchange filing said. The acquisition will come into effect from Jan. 15.
Shares of the real estate group surged as much as 7.90%, the most since its listing on April 19, 2021, before paring gains to trade 6.97% higher at 10:41 a.m. This compares to a 0.57% advance in the NSE Nifty 50.
The stock has risen 100.59% in the last 12 months. Total traded volume so far in the day stood at 0.9 times its 30-day average. The relative strength index was at 72.76, .
Of the 19 analysts tracking the company, 12 maintain a 'buy' rating, five recommend a 'hold,' and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 16.8%.
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