Indian property developers Prestige, Sunteck jump on strong results

Sunteck Realty

11/10/2021 07:57

** Shares of real estate developers Prestige Estates
Projects Ltd  PREG.NS  and Sunteck Realty Ltd  SUNT.NS  jump
more than 4% after strong second-quarter sales
    ** PREG reports https://bit.ly/2YCfBh6 Q2 sales of 21.12 bln
rupees ($281.11 million), up 88% y-o-y; collections jump 35% to
15.52 bln rupees
    ** Q2 "highest quarterly sales and collections" - PREG
    ** New sales backed by healthy response to recently launched
project and existing inventories across geographies - company
    ** PREG shares rise to their highest in nearly two weeks
    ** SUNT reports https://bit.ly/3DuI9Zm Q2 pre-sales of 2.72
bln rupees, up 36% y-o-y, while collections were 2.07 bln
rupees, 47% higher y-o-y 
    ** Confident of maintaining the sturdy growth in pre-sales
on new launches and ready-to-move-in inventory - company
    ** SUNT hits over 2-year high, among the top performers on
the Nifty Realty index  .NIFTYREAL ; stock has risen in five of
last eight sessions
    ** PREG has gained 81% and SUNT is up 42.8% this year as of
last close, vs a 65.97% gain in  .NIFTYREAL  

($1 = 75.1300 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))