India's Suraj Estate Developers at record high after Nuvama initiates coverage with 'buy'

Suraj Estate Developers

04/07/2024 09:36

** Shares of real estate developer Suraj Estate Developers  SRAE.NS  rise as
much as 9.4% to 629.80 rupees, hitting a record high
    ** Brokerage Nuvama initiates coverage on co with 'buy' rating; sets TP of
757 rupees 
    ** With eighteen projects under planning to be launched by FY28-end, Nuvama 
expects the entire inventory to get liquidated by FY31
    ** Nuvama analysts see ongoing and upcoming residential projects of co to
generate net cash flow of 35.79 billion rupees ($428.7 million) over FY25–32
    ** Stock gained for three straight weeks; set to climb for a fourth
consecutive week 
    ** Stock last up 7.5%, pushing YTD gains to 86.3%


($1 = 83.4925 Indian rupees)

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))