Nifty Realty up for 2nd day as Phoenix Mills, Macrotech Developers, others see sharp gains; what's fueling the rally?
Also Read: Mint Primer: Will office real estate bounce back this year? In today's trading session, the Nifty Realty index soared an additional 21.7 points, reaching a 52-week high of 863 points. Six out of 10 stocks are currently trading in the green, with Phoenix Mills leading the way with a notable gain of 5.2% at ₹2,487 apiece. Other top performers include Swan Energy (up 1.8%), Brigade Enterprises (up 1.7%), Mahindra Lifespace Developers (up 0.6%) and Oberoi Realty (up 0.2%) Macrotech Developers witnessed its shares reach a new record high of ₹1,198.9 apiece in today's trade.
The surge follows the company's announcement of achieving the best-ever Q3 pre-sales of ₹34.1 billion, reflecting a substantial YoY growth of 12%. "For the first three-quarters of FY24, our pre-sales are ₹103 billion, showcasing YoY growth of 14% and keeping us on track to deliver our pre-sales guidance of ₹145 billion for FY24," the company said in today's exchange filing. After a stellar 16% surge in the previous day, shares of Sobha in today's session are trading in the red with a cut of 1.72% (as of 12:10 PM) amid profit booking.
The company also posted a strong set of numbers for the December quarter. Also Read: Nifty Realty jumps 7%, hits fresh 52-week high; Sobha, DLF, Brigade, Lodha jump 6-16% The company posted its highest-ever quarterly sales value of ₹19.52 billion in Q3FY24. This represents a remarkable growth of 37.0% over Q3-FY23 and 13.2% compared to the preceding quarter (Q2-FY24).
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