Mumbai's premium real estate developer, Sunteck Realty Limited has announced that its long-term rating of 'AA-/Stable' and short-term rating of 'A1+' have been affirmed by the leading rating agency, ICRA.
The rating derives strength from the healthy track record of the company in real estate development in the Mumbai Metropolitan Region (MMR), good diversification in business profile from luxury to mid-income and affordable segments and a comfortable committed cash flow position. The adoption of an asset light model for land acquisition through joint development agreements (JDAs) allows the company to maintain optimum leverage levels, according to the ICRA.
Commenting on the same, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: "The affirmation of AA- credit rating with a stable outlook by ICRA highlights our continued focus on prudent cash flow management. The sales and collection trajectory has been growing post the easing of the lockdown and we remain confident of capitalizing this momentum. Our recent project additions are a perfect example of our philosophy of making research-based, value-added acquisitions. These projects will largely cater to the mid-income to affordable segments, especially post the Covid-19 scenario since it fulfills the emerging customer needs: residential premises that complement today's luxurious lifestyle and suit the requirements of Work From Home."
Shares of SUNTECK REALTY LTD. was last trading in BSE at Rs.261.5 as compared to the previous close of Rs. 265.95. The total number of shares traded during the day was 23669 in over 1458 trades.
The stock hit an intraday high of Rs. 271 and intraday low of 258.8. The net turnover during the day was Rs. 6218210.