The brokerage firm has initiated its coverage on the realty stock with a ‘Buy’ rating and a target price of Rs 640, indicating an upside potential of over 30 per cent. The stock was trading at Rs 493.15 on BSE at 14:02 hours.
The company has managed to identify untapped, high-growth potential markets in MMR through its project acquisition strategy. This has resulted in expansion into the suburban areas like BKC, Goregaon, and Naigaon, Vasai, Vasind, and Kalyan over the years.
Dr Lal PathLabs has formed a rounding bottom pattern on weekly charts and manages to surpass above its 200 days exponential moving average on weekly interval in the recent past
Sunteck Realty has risen over 43 percent this year, giving positive returns in 6 of the 10 months so far. LiveMint collated views of brokerage firms and technical analysts to understand whether the stock is a ‘buy’ at this juncture or not.
Brokerage Prabhudas Lilladher believes that Sunteck Realty is an interesting play on Mumbai’s high-value real estate market, given its proven ability to market ultra-luxury projects and aggressive land acquisition capabilities in various micro markets across Mumbai Metropolitan Region (MMR).