Sunteck Realty share price jumped over 5 per cent in morning trade on BSE on Tuesday, November 21. The stock opened at ₹474 against the previous close of ₹453.70 and rose 5.5 per cent to hit the intraday high of ₹478.50 on BSE.
Sunteck Realty share price has gained almost 38 per cent this year so far against an 8 per cent gain in equity benchmark Sensex. Sunteck Realty is one of the leading real estate developers in the Mumbai Metropolitan Region (MMR), the largest micro-market in the country.
Also Read: Titagarh Rail Systems share price hits 52-week high on partnership with ABB for metro projects in India Brokerage firm Motilal Oswal Financial Services has initiated coverage on Sunteck Realty stock with a buy recommendation, pegging a target price of ₹640 which indicates a 41 per cent upside from the stock's November 20 closing price of ₹453.70 on BSE. In a report on November 21, Motilal said it expects Sunteck to deliver a healthy 25 per cent pre-sales CAGR over FY23-26, fueled by a ramp-up in launches from both new and existing projects.
Moreover, Motilal expects Sunteck to deliver ₹4,500-5,000 crore worth of units at its projects in Naigaon and Goregaon, driving 72 per cent revenue CAGR over FY23-26 and multi-fold growth in PAT to ₹350 crore. (Exciting news! Mint is now on WhatsApp Channels. Subscribe today and stay updated with the latest financial insights! Click here!) Motilal Oswal believes the company's sound balance sheet, strong cash flow, and recent partnership with IFC would spur project additions and drive a sustainable growth trajectory.Read more on livemint.com