Macrotech Developers slides 15% in six days

Macrotech Developers declined 2.70% to Rs 826.60, extending losses for sixth consecutive trading session.

Shares of the realtor lost 14.93% in six trading sessions from its recent closing high of Rs 971.70 on 15 February 2023.

On the BSE, 8,335 lakh shares were traded in the counter so far compared with average daily volumes of 7,902 shares in the past two weeks. The stock hit a high of Rs 855.05 and a low of Rs 823.45 so far during the day.

The stock hit a 52-week high of Rs 1,248 on 5 April 2022. The stock hit a 52-week low of Rs 814.85 on 26 May 2022.

In the past one month, the stock has declined 24.33% while the benchmark Sensex has lost 1.96% during the same period.

The scrip had underperformed the market in past three months, sliding 16.23% as against Sensex's 2.86% decline.

However, the counter had outperformed the market in past one year, falling 30.75% as against Sensex's 4.4% increase.

On the technical front, the stock's daily RSI (relative strength index) stood at 20.155. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On daily chart, the stock is trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 1021.78, 1011.85 and 1030.44 respectively.

Macrotech Developers (Lodha Group) is primarily engaged in the business of real estate development.

The real estate developer's net profit jumped 41.41% to Rs 404.98 crore despite of 13.87% surge in net sales to Rs 1,773.80 crore in Q3 FY23 over Q3 FY22.

Powered by Capital Market - Live News