Four realty stocks including Phoenix Mills, Macrotech Developers hit new record highs; here's why

livemint.com:

Phoenix Mills, Oberoi Realty, Brigade Enterprises, and Macrotech Developers, attaining new record highs by maintaining their robust upward trajectory. Macrotech Developers stock has been on a remarkable winning streak since the company's Q2 FY24 results announcement on October 28. Over the past five trading sessions, the stock surged from ₹737 apiece to ₹849, marking a substantial gain of 15.20%.

Also Read: Lodha share price jumps over 4% on Q2 results boost In today's trading session, the stock continued its impressive run by surging an additional 3.65%, setting a new all-time high at ₹880 apiece. In Q2FY24, the company achieved its best-ever quarterly pre-sales, reaching ₹3,530 crore, marking a 12% YoY increase. Collections for Q2FY24 also saw a healthy rise, up by 16% YoY at ₹2,750 crore.

Notably, the company managed to reduce its net debt by ₹540 to reach ₹6,730 crore. However, its net profit in Q2 FY24 decreased by 42.4% YoY, amounting to ₹210 crore. Also Read: For Bengaluru households, it’s real estate over financial investments In a similar fashion, Brigade Enterprises also saw its stock hit a new record high of ₹718.8 apiece in today's session.

The shares this year have performed exceptionally well, rewarding their shareholders with a return of nearly 48%. Phoenix Mills and Oberoi Realty shares also reached new highs of ₹2,087.80 apiece and 1,251.2 apiece, respectively. Oberoi Realty released its Q2FY24 results on October 27, with a 43% improvement in its consolidated net profit at ₹456 crore, as compared to a net profit of ₹319 crore in Q2FY23.