India's Sunteck Realty enters two new locations in Mumbai; stock rises

Sunteck Realty

30/01/2024 07:54

** Shares of Sunteck Realty  SUNT.NS  up 4.5% at 479.50
rupees
    ** Real-estate developer said it will enter two locations in
Mumbai, Nepean Sea Road and Bandra Bandstand
    ** Adds, the gross development value (GDV) of these projects
is over 30 bln rupees ($360.92 mln)
    ** Co has more than doubled its GDV from 125 bln rupees in
FY2022 to 301 bln rupees in FY2024 - SUNT
    ** Analysts' avg rating on SUNT is "strong buy", while rival
Sobha  SOBH.NS  has "buy"; Godrej Properties  GODR.NS  and
Oberoi Realty  OEBO.NS  are at "hold"
    ** Six out of nine analysts tracking SUNT have hiked PT in
January - LSEG
    ** SUNT's median PT is 563 rupees, 17.4% higher than current
market price - LSEG


($1 = 83.1210 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))