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    543287   INE670K01029

MACROTECH DEVELOPERS LIMITED

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Indian shares dip a day after cabinet reshuffle; TCS earnings in focus

07/08/2021 | 01:43am EDT

BENGALURU, July 8 (Reuters) - Indian shares fell on Thursday, a day after the government revamped its cabinet amid fierce criticism of its handling of the COVID-19 pandemic, while investors prepared for the first-quarter earnings season with Tata Consultancy Services (TCS) set to report its results later in the day.

The blue-chip NSE Nifty 50 index was down 0.29% at 15,833.90 by 0508 GMT, while the benchmark S&P BSE Sensex slipped 0.26% to 52,916.30.

"With earnings season kicking in, markets might get a sense of direction since most positive triggers had already been factored in," said Gaurav Garg, head of research at CapitalVia Global Research in Indore.

"IT companies are expected to announce robust earnings but we might see some correction if there are any shortfalls in their results as expectations from the sector are very high."

Indian Prime Minister Narendra Modi on Wednesday appointed new federal ministers for health, IT and oil as part of a reshuffle.

Shares of Zomato's majority owner Info Edge (India) Ltd rose about 2.8%. The food delivery startup will price its 93.75 billion rupees ($1.25 billion) initial public offering (IPO) at 72 to 76 rupees per share, with the issue set to open for subscription from July 14 to 16.

Investors' focus is on software services heavyweight TCS' June-quarter earnings. Analysts anticipate a rise in its first-quarter profit as the COVID-19 crisis ramped up demand for its digital services.

Macrotech Developers jumped 3.7% after the company reported a surge of 88% in its first quarter pre-sales. The real estate firm also expects to meet previously announced pre-sales forecast.

Fourteen banks in the country, including top lender State Bank of India, were fined between 50 million and 200 million rupees on Wednesday by the Indian central bank. The Nifty Bank index was down 0.23% at 0506 GMT.

($1 = 74.7910 Indian rupees) (Reporting by Shivani Singh in Bengaluru; editing by Uttaresh.V)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
INFO EDGE (INDIA) LIMITED -3.55% 6614.7 Delayed Quote.39.03%
MACROTECH DEVELOPERS LIMITED -0.96% 1005.3 End-of-day quote.0.00%
STATE BK OF INDIA -2.07% 454.1 Delayed Quote.65.16%
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Financials
Sales 2022 86 196 M 1 170 M 1 170 M
Net income 2022 11 434 M 155 M 155 M
Net Debt 2022 105 B 1 427 M 1 427 M
P/E ratio 2022 39,0x
Yield 2022 -
Capitalization 450 B 6 103 M 6 102 M
EV / Sales 2022 6,44x
EV / Sales 2023 5,60x
Nbr of Employees 2 717
Free-Float 13,0%
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Macrotech Developers Limited Technical Analysis Chart | 543287 | INE670K01029 | MarketScreener
Technical analysis trends MACROTECH DEVELOPERS LIMITED
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 1 005,30 INR
Average target price 989,50 INR
Spread / Average Target -1,57%
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Managers and Directors
A. Mangal Prabhat Lodha Chief Executive Officer, MD & Director
Sushil Kumar Modi Chief Financial Officer
Mukund Manohar Chitale Chairman
Sanjyot Rangnekar Secretary & Compliance Officer
Ashwani Kumar Independent Director