Macrotech Developers trades above issue price; up 22% from debut day's low

The stock rallied 11% to Rs 514 in the intra-day trade today and is up 22 per cent from its Monday's low of Rs 421 on the BSE.

Shares of Macrotech Developers (MDL), formerly known as Lodha Developers, moved higher by 11 per cent to Rs 514 on the BSE in the intra-day trade on Tuesday, trading above its issue price of Rs 486, after making a weak debut on Monday.

At 03:05 pm, the stock was trading 8.5 per cent higher at Rs 502, as compared to a 0.51 per cent decline in the S&P BSE Sensex. A combined 5.72 million equity shares had changed hands on the counter on the NSE and BSE till the time of writing of this report.

MDL had made