Jefferies has upgraded its target price for Sunteck Realty following its strong Q2 performance for FY2024. The global brokerage firm raised its target from ₹565 to ₹690, maintaining a ‘Buy’ rating. This upgrade comes on the back of robust pre-sales growth and a promising project pipeline that Sunteck Realty has been managing efficiently.
The company reported impressive pre-sales figures of ₹502 crore, marking a 30% year-on-year growth for Q2. Additionally, their collections increased by 19% YoY to ₹342 crore.
Sunteck Realty has seen its stock surge nearly 33% year-to-date, significantly outperforming broader market indices like Nifty.This growth momentum, coupled with their strategic launches and stable financial metrics, underscores why analysts are optimistic about the company’s future prospects.