Sunteck remains a buy: Citi

Citi maintained a ‘Buy’ rating on Sunteck Realty and raised target price to Rs 455 from Rs 432 on optimism from increasing focus on execution of projects — led by an expansion in the management team — and an expected pick up in new launches. The stock was under pressure earlier due to disappointing pace of execution and project-completion method of accounting. But execution is picking up, especially on their projects in Mumbai's Bandra Kurla Complex and “healthy” bookings in Sunteck City, the analyst said.