Shares of this smallcap company slumped 5 percent in Wednesday’s trading session after the promoters of the company announced a plan to sell up to 4.1% of their stake. The shares have delivered more than 70 percent returns to its shareholders in six months.
With a market capitalization of Rs. 7,002 crores, the shares of Sunteck Realty Ltd started Wednesday’s trading session on a lower note at Rs. 485.10 compared to its previous close of Rs. 499.45. The share hit a low of Rs. 457.55 and closed the day at Rs. 476.95 apiece.
According to reports, Starlight Systems and Satguru Info promoters of the company, have announced plans to sell up to 4.1 percent of their stake through a block deal, for which the floor price is set at Rs. 474 per share.
In today’s trading session, around 69 lakh shares, representing a 4.75 percent equity in the company changed hands on the exchanges through a block deal at an average floor price of Rs 482 apiece for worth Rs 336.40 crores and the sellers are unknown.
Coming onto the company’s financial statements, the revenue decreased around 30 percent from Rs. 513 crores during the June quarter to Rs. 362 crores during the September quarter. In addition, the net profit slipped from 25 crores to Rs. 1 crore during the same timeframe.
The company’s Sunteck Maxx World project is expected to generate revenue of Rs. 750 crores to Rs. 850 crores by the end of FY24 and the Sunteck City 4th Avenue project is to generate revenue of Rs. 950 crores to Rs. 1,050 crores by the end of FY25. Furthermore, they have plans to grow their portfolio from Rs. 30,000 crores to Rs. 50,000 crores in the next 2-3 years.
Headquartered in Mumbai, Sunteck Realty Ltd was incorporated in 1981. The company is focused on developing premium residential and commercial properties across the Mumbai Metropolitan Region (MMR).
Written By Vaibhav Patil
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