Shares of property developer Lodha, listed as Macrotech Developers, surged 6.72% in intra-day trade on reports that the company has acquired a land parcel in Mumbai for Rs 279 crore.
According to reports, the company has signed a deal to acquire a 3.4-acre land parcel in Mumbai’s Jogeshwari West from Unichem Laboratories for over Rs 279 crore. The plot, located at Prabhat Estate off Swami Vivekananda Road, includes an 82,000 sq ft office building that previously served as Unichem’s registered office.
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Lodha’s stock closed at Rs 1,131.75, up 5.12% from Monday’s close.
In a regulatory filing, Macrotech Developers stated that it continuously evaluates land acquisitions through various means, including joint development agreements (JDA) and outright purchases, as part of its regular business operations.
“Lodha keeps evaluating multiple land parcels as part of its regular business, some of which get concluded from time to time. The said land parcel appearing in the media is one among such parcels under discussion,” the company said.
In FY24, the company added 10 projects with a combined gross development value (GDV) of over Rs 20,000 crore. For FY25, Lodha has provided guidance for adding projects with a GDV of over Rs 21,000 crore.
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As of 9MFY25, it has already added eight projects with a GDV of Rs 19,400 crore, achieving over 90% of its FY25 target.
Macrotech Developers reported a 66% year-on-year (y-o-y) growth in net profit for Q3FY25, reaching Rs 944.4 crore. Consolidated revenue rose 39% y-o-y to Rs 4,083 crore.
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