Sunteck Realty shares jump 8% as CLSA initiates coverage with a buy call
CLSA has set the target price of Rs 345 on the stock
September 10, 2020 / 11:54 AM IST
Shares of Sunteck Realty surged almost 8 percent in intraday trade on September 10 after global brokerage firm CLSA initiated coverage on the stock with a buy call.
The brokerage is positive on its value-accretive acquisition potential.
As per CNBC-TV18, CLSA has set the target price of Rs 345 on the stock and said the company has a track record of accretive acquisitions via efficient capital management.
"It is generating healthy project IRRs in legacy projects and it has shifted focus from value to volume and gained market share in Mumbai," CLSA said.
As per the global brokerage, the company has ramped up its portfolio using an asset-light approach.
Shares of the company traded 5.98 percent up at Rs 272.85 on BSE at 11:35 hours.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.