Sunteck Realty rose 5.65% to Rs 447 at 10:07 IST on BSE after the company announced about the joint development agreement for development of affordable segment at Naigaon.
The announcement was made after market hours yesterday, 31 January 2018.Meanwhile, the BSE Sensex was up 196.24 points, or 0.55%, to 36,161.26. The BSE Mid-cap index was down 29.70 points, or 0.17%, to 17,334.50, underperforming the Sensex.
On the BSE, 71,208 shares were traded in the counter so far, compared with average daily volumes of 1.31 lakh shares in the past one quarter. The stock had hit a high of Rs 449.90 in intraday trade, which is also a record high for the stock. The stock had hit a low of Rs 426.15 so far during the day. The stock had hit a 52-week low of Rs 118 on 3 February 2017.
The stock had underperformed the market over the past one month till 31 January 2018, gaining 0.8% compared with 5.6% gains in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 19.52% as against Sensex's 8.29% rise. The scrip had also outperformed the market in past one year, jumping 247.23% as against Sensex's 30.04% rise.
The mid-cap company has equity capital of Rs 14.63 crore. Face value per share is Re 1.
Sunteck Realty said that the agreement was entered with DDPL Global Infrastructure and Unicorn Infraprojects and Estates.
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Sunteck Realty stepped into the affordable segment with a potential development of 100 acres in Mumbai Metropolitan Region (MMR). The project is acquired under the asset light JDA model and has the potential of generating revenue of over Rs 5500 crore with close to Rs 1500 crore realizable over the next 2 years. The project is located at Naigaon-the extended western suburbs, phased over the next five years.
Sunteck is set to launch the project under a new brand of aspirational homes in a completely new division.
Suteck Realty's net profit fell 36% to Rs 64.26 crore on 68.3% rise in net sales to Rs 346.73 crore in Q2 September 2017 over Q2 September 2016.
Sunteck Realty is a Mumbai-based real estate development company, catering to the premium ultra-luxury and luxury residential segment.
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