Multibagger Bearing: The giant of the real estate sector Sunteck Realty (Suntec real estate) stocks are looking strong today, even in weak market sentiment. BSE Sensex is under pressure today, but shares of Sunteck Realty are up more than a percent on the basis of excellent results for the December quarter of 2022. In the long term, it has made investors millionaires with an investment of just 59,000 rupees. Now, after the quarterly results, market experts see more room for 70 percent upside potential in it. The domestic brokerage firm quoted a price of Rs 590 (Sunteck Realty price target) Is repaired. Its shares are currently trading at Rs 346.90, up 1.05 per cent on the BSE.Sunteck Realty stock price) continue to be traded.
Suntec Realty turns 59,000 into one crore
Shares of Sunteck Realty were available on April 4, 2006 for only Rs.2.06. Now it is up 16893 percent to Rs.346.65. This means that the Rs 59,000 invested in it at the time has grown 170 times to Rs 1 crore in just 17 years. Last year on February 4, 2022, its shares traded at a price of Rs 543.95 which is a one year record high.
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It then fell 42 percent on 10-month selling to Rs.314.90 on Dec. 23, 2022. This is a record 52-week low. So far, Sunteck Realty shares have recovered about 10 percent from those levels. However, it is still trading at a discount of about 36 percent from its one-year high.
What’s the next trend
Sunteck Realty had a great quarter in December 2022. It made sales bookings of Rs 400 crore, beating domestic broker ICICI Securities’ estimate of Rs 350 crore. The company had targeted sales bookings of Rs 1800 crore for the current financial year 2022-23, of which bookings of Rs 1070 crore were made in the 9 months April to December.
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The company has set a target of Rs 2500 crore in sales bookings in the next financial year 2023-24. Based on all of these factors, the brokerage firm has maintained a buy rating on the stock with a target price of Rs.590. Speaking of investment risk, the slowdown in the Mumbai real estate market and the drop in house prices may impact stocks.
