Sunteck realty shares close up 10% after Q2 results

Sunteck Realty shares surged almost 10 % on Tuesday after the company reported a six-fold jump in net profit for the second quarter


On BSE, Sunteck realty shares ended at Rs227.65 on the BSE, up 9.55%. Photo: Mint
On BSE, Sunteck realty shares ended at Rs227.65 on the BSE, up 9.55%. Photo: Mint

Mumbai: Shares of Sunteck Realty surged almost 10 % on Tuesday after the company reported a six-fold jump in net profit for the second quarter, following which its market capitalisation increased by Rs 125 crore. The company’s stock ended at Rs227.65 on the BSE, up 9.55%. During the session, the stock had risen by 15.71% to touch an intra-day high of Rs 240.45.

Trading volume soared by more than 5-times on the BSE. Following the uptick in the counter, the market capitalisation of the company rose by Rs124.99 crore to Rs1,433.43 crore. On NSE, the stock settled at 227.35, up 9.01%.

During the day, the stock had risen by 15.08% to an intra-day high of Rs 240. The company reported more than six-fold jump in consolidated net profit to Rs97.28 crore for the second quarter of the current fiscal on a sharp rise in sales. Its net profit stood at Rs 15.53 crore in the year-ago period.

Sunteck chairman Kamal Khetan said the company “continued its strong performance both operationally and financially for the first half of FY17. Our prudent cash flow management practices along with financial discipline have enabled us to strengthen the balance sheet further”.

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