Stock Of The Day: Marathon Nextgen Realty Shares Drop As Q1 Pre-Sales Fall 46%—Key Levels
Here's all you need to know about Marathon Nextgen Realty's share price movement after its first-quarter business update.
Shares of Marathon Nextgen Realty Ltd. tumbled over 6% on Wednesday after its pre-sales declined in the first quarter of fiscal 2024.
The company's pre-sales fell 45% year-on-year to Rs 214 crore in the quarter ended June 30, 2024, according to an exchange filing. The pre-sales in area terms saw a 45% decline to 79,239 square feet in the quarter.
The collections rose 17% year-on-year to Rs 272 crore. Net debt stood at Rs 728 crore as of June 30, which is in line with the company's objective of reducing debt to a healthy level.
The company received occupancy certificate of Tower Atria for Marathon Nexzone project up to 26 floors.
Outlook For Fiscal 2025
Projected booking value expected to be Rs 1,000 crore to 1,200 crore
Considering launching projects in Byculla, Bhandup, and Panvel
Exploring opportunities for redevelopment projects.
Targeting a growth rate of 25% to 33% for fiscal 2025.
Key Levels
Resistance Level: Rs 648 (two-day high)
Support Level: Rs 577.05 (three-week low)
Shares of Marathon Nextgen Realty were trading 5.36% lower at Rs 590.10 apiece, compared with a 0.93% decline in the benchmark BSE Sensex as of 11:20 a.m.
The stock has risen 31% in the last six months and 83% in past 12 months.
