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Real estate firm Macrotech Developers plans to decrease its net debt to under Rs 6,000 crore by March next year, down from Rs 6,730 crore in September. Macrotech aims to align net debt with operating cash flow, projected to be Rs 6,000 crore in 2023-24. The company reported positive Q2 performance, reducing net debt by Rs 540 crore and achieving strong sales.
“Southern India is a great source of value creating companies. These are nice low profile companies. They just get on with their business and deliver exceptional returns. CG Power has been a fantastic multibagger stock and what a fantastic turnaround story it has been and kudos to Tube Investment for identifying this opportunity and buying into it and turning it around so quickly and creating so much value for the shareholders.”
IndusInd Bank, Suzlon, and Paytm will remain under focus, as the stocks are pegged to get added to the MSCI global standard index. These stocks, along with six others, are seen attracting cumulative inflows of nearly $2 billion from passive funds tracking MSCI indices. Persistent Systems, APL Apollo, Polycab, Macrotech Developers, Tata Motors DVR, and Tata Communication are the other six stocks that will be added to the MSCI index, shows an analysis done by Nuvama Alternative & Quantitative Research.
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BSE MidCap and SmallCap indices hit record highs, surging by 32.27% and 37.70%, respectively, this year.