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Sunteck Realty share price up 4% after acquiring land parcel in Mumbai

Research firm CLSA has maintained 'buy' on the stock with a target of Rs 460 a share. The research firm says the Borivali project will add Rs 20 per share to its NAV.

April 01, 2021 / 01:03 PM IST
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Sunteck Realty share price jumped over 4 percent intraday on April 1 after the company said it had secured a seven-acre land parcel in Mumbai's Borivali.

The Mumbai-based property developer will develop a luxury residential project in Borivali. (West). JLL India was the exclusive transaction partner for the joint venture, said Sunteck in its BSE filing, adding it is expected to generate a project topline of around Rs 1,750 crore over the next four-five years.

At 1228 hours, the stock was trading at Rs 290.80, up Rs 11.90, or 4.27 percent. It has touched an intraday high of Rs 298.65 and an intraday low of Rs 286.

Acquired under the asset-light joint development agreement (JDA) model, the residential project in the western suburbs of the city is spread across seven acres and will have a development potential of approximately 1 mn sq. feet, the company said.

Global research firm CLSA has maintained buy on the stock, with a target of Rs 460 a share. The research firm said the Borivali project will add Rs 20 per share to its NAV, adding that the company was expected to generate a margin of 40 percent from the Borivali project. It may generate EBITDA per sq feet of Rs 4,730 per sq feet from Borivali, according to a CNBC-TV18 report.



According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge, with revenue going up in the last two quarters. However, Moneycontrol's technical rating is very bearish, with moving averages and technical indicators being bearish.

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Moneycontrol News
first published: Apr 1, 2021 01:03 pm
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