Sunteck Realty hits 52-week high as pre-sales jump 17% in Q2

Sunteck Realty also also signed a pact with IFC (International Finance Corporation) to create a joint platform with a total investment of up to Rs 750 crores.

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Shares of Sunteck Realty rose around 3 percent in early trade and hit a 52-week high of Rs 487.50 on October 16 after the company posted a robust business update for the July-September quarter. The company’s pre-sales in the quarter gone by jumped 17.2 percent on year to Rs 395 crore. For the first half of FY24, pre-sales recorded a 16.7 percent on year growth to Rs 782 crore.

Meanwhile, the company also signed a pact with IFC (International Finance Corporation) to create a joint platform with a total investment of up to Rs 750 crore for the development of close to 12,000 high-quality housing units across four to six green housing projects within the Mumbai Metropolitan Region (MMR).

At 09.30 am, shares of Sunteck Realty were trading 2 percent higher at Rs 483.75 on the National Stock Exchange.

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Moreover, the company has also launched two large projects – Sunteck Beach Residences at Vasai West and Sunteck Sky Park at Mira Road – in the recent past. The realty major also stated witnessing robust demand for both of these projects.

“After these launches, Sunteck now has five large ongoing projects – Signature & Signia at BKC, Sunteck City at ODC, Goregaon West, Sunteck World at Naigaon, SBR at Vasai West and Sunteck Sky Park at Mira Road as growth engines which will continue to deliver strong cash flows and profit margins,” the company stated in an exchange filing.

Meanwhile, shares of Sunteck Realty have surged nearly 12 percent in the past week, riding high on the bullish sentiment across realty stocks.

Disclaimer: The views and investment tips expressed by experts are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.