Sunteck Realty Shares rallied and hit a 52-week high of Rs 487.50 on 16 October after the company posted a strong business update for the July-September quarter.

The company recorded a 17.2% YoY growth in its pre-sale to Rs 395 crore during Q2 and a 16.7% growth to Rs 782 crore for the first half of the current fiscal year.

The company has also signed a pact with the International Finance Corporation (IFC) to form a joint venture with a total investment of up to Rs 750 crore for the development of around 12,000 high-quality housing units in four to six green housing projects within the Mumbai Metropolitan Region (MMR).

In its regulatory filing, the company said, “After these launches, Sunteck now has five large ongoing projects – Signature & Signia at BKC, Sunteck City at ODC, Goregaon West, Sunteck World at Naigaon, SBR at Vasai West and Sunteck Sky Park at Mira Road as growth engines which will continue to deliver strong cash flows and profit margins.”

The company has also commenced two large projects, namely Sunteck Beach Residences at Vasai West and Sunteck Sky Park at Mira Road, and has witnessed strong demand for both of these projects.

At 1:35 pm, the shares of Sunteck Realty were trading at Rs 478.15 or 0.81% above its previous close on NSE.