Sunteck Realty gains after increasing investment limits

Sunteck Realty rose 2.31% to Rs 390.25 at 09:37 IST on BSE after the company's board of directors approved a proposal for increasing its investment limits by RFPI/FII to 49% from 24%.

The announcement was made after market hours yesterday, 4 June 2018.

Meanwhile, the S&P BSE Sensex was down 39.98 points, or 0.11%, to 34,971.91.

On the BSE, 12,000 shares were traded in the counter so far, compared with average daily volumes of 1.37 lakh shares in the past two weeks. The stock had hit a high of Rs 391.50 and a low of Rs 384.25 so far during the day. The stock had hit a record high of Rs 485 on 24 April 2018. The stock had hit a 52-week low of Rs 205 on 4 July 2017.

The mid-cap company has equity capital of Rs 14.63 crore. Face value per share is Re 1.

Sunteck Realty said that the company's board of directors has approved a proposal for an increase in the investment limits by Registered Foreign Portfolio Investors (RFPIs) including Foreign Institutional Investors (FIIs) from the existing limit of 24% to 49% of the paid up equity share capital of the company. The increase will make available more limits for the RFPIs/ FIIs to invest in the equity share capital of the company.

Sunteck Realty's net profit jumped 112.6% to Rs 61.59 crore on 49.85% rise in net sales to Rs 206.68 crore in Q4 March 2018 over Q4 March 2017.

Sunteck Realty is a Mumbai-based real estate development company, catering to the premium ultra-luxury and luxury residential segment.

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