Sunteck Realty Limited (SRL), Mumbai's premium real estate developer, has received its Long-Term Issuer Rating at 'CARE AA-' with Stable outlook and Short-Term Issuer Rating at 'CARE A1+' from CARE Ratings.
"The rating derived strength from the vast experience of promoters in the real estate business, steady pace of execution in ongoing projects, robust sales and collections backed by new projects launches across the pricing spectrum despite challenges in the real estate industry. Strong brand recall in MMR along with the asset light model provided the additional strength to the rating," said CARE Ratings.
Commenting on the same, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said, "The reaffirmation of our credit rating in the current scenario is a reflection of our strong brand franchise. We believe home buyers will continue to look for credible projects of reputed and financially strong developers as the pedigree of a trusted brand drives the preference for a new home buyer."
Earlier, India Ratings and Research Private Limited's (Fitch Group) had reaffirmed SRL's Long-Term Issuer Rating at 'IND AA-' with Stable outlook and Short-Term Issuer Rating at 'IND A1+'. Apart from above listed reasons, India Rating points out at the real estate developer's ability to mitigate execution risk for ongoing projects as a function of completely in-sourced construction, diversification into commercial and retail projects in strategic locations, adequate liquidity complimented with low debt & low gearing ratios as the key rating drivers.
Shares of SUNTECK REALTY LTD. was last trading in BSE at Rs.201.2 as compared to the previous close of Rs. 203.55. The total number of shares traded during the day was 4363 in over 337 trades.
The stock hit an intraday high of Rs. 209.9 and intraday low of 192.2. The net turnover during the day was Rs. 864431.