Mahindra Lifespace Developers drops 4% after two-day winning run, forms Bearish Harami pattern

The stock had rallied more than 14 percent in previous two consecutive sessions, forming large bullish candlestick patterns on both days after reporting healthy quarterly earnings.

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Mahindra Lifespace Developers shares fell 4 percent on February 7 after having a two-day winning run, forming a Bearish Harami pattern on the daily charts.

The stock had rallied more than 14 percent in the previous two consecutive sessions, forming large bullish candlestick patterns on both days after reporting healthy quarterly earnings.

The real estate developer backed by Mahindra Group has clocked a 37 percent year-on-year growth in consolidated profit at Rs 34 crore for the quarter ended December FY23 on strong topline, sharp fall in operating loss and exceptional gain of Rs 27.08 crore for the quarter.

The loss at the EBITDA level (earnings before interest, tax, depreciation and amortisation) narrowed significantly to Rs 11.4 crore for the three-month period ended December FY23, from Rs 38.8 crore in the same period last year.