Realty Stocks Gain On Decent Q3 Operations Update; Sunteck 2% Away From Its 52-Week High

Indian indices have gained in trade on the first trading day of the week despite mixed Asian markets. Sensex at around 9:18 am is up by 466 points or 0.78 percent, while Nifty has been up at 17934. Meanwhile, broader markets have been underperforming while Nifty Bank has been resilient with gains of over 1 percent.

Among Nifty sectoral indices, Nifty Realty is the outperformer with gains of close to percent at the time of writing this copy. The gains are probably on better quarterly updates reported by some of the realty majors including Sunteck Realty, Sobha Realty etc.

Sunteck Realty in its operational updates for Q3 period of Fy22 and 9M Fy22 reported pre-sales at 29% higher on quarterly basis and appx. Rs. 800 crore in 9MFy22. Collections have been higher by 30% quarter on quarter. Further in respect of its business development, the company has acquired projects at an estimated gross development value of Rs. 20,000 crore.

Likewise, Sobha in its revelation put across that the South India based realty player witnessed an increase in sales by over 16% YoY. Sales value at the company also jumped 18% to Rs. 1047.5 crore in comparison to Rs. 887.6 crore. Also, as another feather in its cap, the company realised the highest ever share of sale value that increased 34% YoY.

Within the Realty Nifty pack, stocks like Sobha and Oberoi led the list of gainers with gains of over 3 percent, while some like Sunteck, DLF, Brigade traded between 1-2%.

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