Sunteck Realty gains on acquiring premium project in Mumbai

Sunteck Realty rose 1.31% to Rs 445.95 after the company said it acquired premium project in Mumbai for mixed-use development.

Sunteck Realty has acquired a prime project near Mumbai's Lokhandwala, Off New Link Road, Andheri (West) with the potential for development of approximately 1.1 million square feet in saleable area and a revenue of over Rs 2,500 crore in the next 4-5 years.

The project is acquired under the asset light joint development agreement model focused on establishing a strategic tie-up with credible partners, which will further strengthen the cash flow and balance sheet of the company, the company said in a statement.

 

Meanwhile, the S&P BSE Sensex was up 201 points or 0.55% to 36682.50.

On the BSE, 8669 shares were traded in the counter so far compared with average daily volumes of 37735 shares in the past one quarter. The stock hit a high of Rs 455.95 and a low of Rs 442.7 so far during the day.

The stock hit a 52-week high of Rs 532 on 23 May 2019. The stock hit a 52-week low of Rs 295.65 on 23 Oct 2018.

On a consolidated basis, the real estate company's net profit fell by 51.3% to Rs 33.21 crore on a 17.3% decline in the net sales to Rs 174.60 crore in Q1 June 2019 over Q1 June 2018.

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

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