Sunteck Realty climbs on selling 125 apartments worth Rs 200 cr

Sunteck Realty rose 2.69% to Rs 415.60 after the company on Wednesday said it has sold 125 apartments out of the recently launched 225 apartments in Mumbai, generating sales worth more than Rs 200 crore.

Sunteck Realty launched 225 apartments in its first tower in 4th Avenue SunteckCity which has received an overwhelming response. It has already sold 125 apartments generating sales worth more than Rs 200 crore in 18 days from the launch day (in less than three weeks).

The company sees extremely good sales momentum and is confident of selling approximately 85-90% of the apartments opened for sale generating total sales worth Rs 300-325 crore in a short span of time.

SunteckCity is an approx 23 acres premium luxury development located at Oshiwara District Centre (ODC), Goregaon (West) in Mumbai. This development comprises a mix of retail, residential and commercial. The 4th Avenue SunteckCity homes are in the midst of the upcoming mall, High street, entertainment zones, multiplex, multiple fine dining restaurants and modern commercial spaces of 5th Avenue. The announcement was made after market hours yesterday, 17 December 2019.

Shares of Sunteck Realty climbed 6.18% in four trading sessions to its current market price of Rs 415.60 from its recent closing low of Rs 391.40 on Thursday, 12 December 2019.

The Nifty 50 index rose 16.80 points or 0.14% at 12,183.25.

In the past one month, shares of Sunteck Realty jumped 6.64% to its current market price of Rs 415.60, outperforming the Nifty Realty index's 3.52% rise in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 65.169. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading below its 50-day moving average (DMA) placed at Rs 397.70 as well as below its 200 DMA placed at Rs 393.31.

On a consolidated basis, Sunteck Realty's net profit tanked 42.9% to Rs 29.08 crore on 25.3% rise in net sales to Rs 134.75 crore in Q2 September 2019 over Q2 September 2018.

Sunteck Realty is a real estate development company. The firm is primarily engaged in the business of real estate/real estate development and incidental services. The company is engaged in real estate activities with own or leased property.

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