Macrotech Developers Shares Hit Record High On Plans To Trim Debt
The company's target is to reduce debt to below Rs 6,000 crore by the end of this fiscal year, said CEO Abhishek Lodha.
Shares of Macrotech Developers Ltd. hit a record high during early trade on Tuesday after its top management told a local newswire that the company plans to trim net debt below Rs 6,000 crore by March.
However, share prices fell by late morning after having surged continuously since Nov. 21, giving a return of 6.7%.
"We have reduced our net debt by about Rs 540 crore in the second quarter of this fiscal to Rs 6,730 crore. Our target would be to reduce debt to below Rs 6,000 crore by the end of this fiscal year," Macrotech Developers Managing Director and Chief Executive Officer Abhishek Lodha told PTI.
Shares of the company rose as much as 2.9% to Rs 917 apiece, its highest level. It, however, fell by late morning to trade 1.5% lower at Rs 889.95 apiece as of 10:05 a.m. This compares to a 0.1% advance in the NSE Nifty 50 Index.
It has risen 63% on a year-to-date basis. Total traded volume so far in the day stood at 2.5 times its 30-day average. The relative strength index was at 67.9.
Out of 18 analysts tracking the company, 11 maintain a 'buy' rating, five recommend a 'hold,' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an downside of 6.6%.
