The company had clocked sales bookings of Rs 1,221 crore in the previous year. Sunteck achieved lower sales bookings in the first six months of the 2020-21 at Rs 301 crore. The second half of last fiscal contributed Rs 720 crore to the overall sales bookings number. In a regulatory filing, the Mumbai-based developer said the collection from customers increased to Rs 780 crore in 2020-21 fiscal from Rs 715 crore in the previous year. Aggressive project acquisition was done in FY21 within the industry - three new project acquisitions under the asset-light strategy totalling to approximately 8 million sq ft at Vasai, Vasind and Borivali, Sunteck said in its operational detail for the last fiscal.
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Sunteck Realty spurted 4.34% to Rs 291 after the company said it has secured a 7 acre land parcel at Borivali (West), Mumbai to develop a luxury residential project.Acquired under the asset light Joint Development Agreement ( JDA ) model, the residential project in the western suburbs of the city is spread across 7 acres and will have approximately 1 mn sq. ft of development potential. It is expected to generate a project top line of around Rs 1,750 crore over the next 4-5 years further strengthening the cash flow and the balance sheet of the company.
Commenting on the latest acquisition, Kamal Khetan, the chairman of Sunteck Realty, said: We are pleased to have entered this joint venture. Given the land parcel is overlooking the sea, this development shall provide an opportunity to curate a unique and world class residential product consistent with the Sunteck brand. We shall bring in our best in class construction and development capabilities of luxury living. Our endeavor is to
State-owned Bank of Baroda has raised Rs 4,500 crore equity capital through qualified institutional placement (QIP). The capital raising committee of the board on Wednesday approved the issue and allotment of 55,07,95,593 equity shares to eligible qualified institutional buyers at issue price of Rs 81.70 per share against the floor price of Rs 85.98 apiece, aggregating to Rs 4499,99,99,948.10, the bank said in a regulatory filing. The issue had opened on February 25, 2021 and closed on Tuesday. The committee in its meeting last week had approved raising up to Rs 4,500 crore through an issue of equity shares through QIP. The lender said total seven buyers were allotted more than five per cent of the equity shares offered in the issue.
Mar 21, 2021
The upgrade in Outlook reflects the credit rating agency’s expectation of an improvement in the business profile of Sunteck due to acceleration in the already consolidating residential real estate market, with the pandemic-related disruptions having constrained demand and supply from unorganised real estate developers. The outlook upgrade is also supported by the resilient operating performance of Sunteck despite the pandemic. The price point diversity across completed, ongoing and new project launches, prudent financial policies, strong credit metrics and cashflow visibility also provided conviction to the outlook upgrade.
Commenting on the same, Mr. Kamal Khetan, Chairman and Managing Director, Sunteck Realty Ltd. said: “This affirmation of ‘AA-’ credit rating with upgrade in outlook to ‘Positive’ by India Ratings is a reflection of our continued focus on prudent cash flow management along with financial discipline. Strong operating cash flows has aided u