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Shares of real estate company Sobha jumped on robust results. The stock surged as much as 10.8 per cent to Rs 564 in its biggest intraday percentage gain since January 22.
The company had on Thursday posted 20.8 per cent jump in new sales volume for FY18 at 3.63 million sq ft, valued at about Rs 2,861 crore ($439.97 million).
Sobha reported Q4 sales of Rs 650 crore, up 30 per cent y/y and highest in the last 12 quarters, thus demonstrating it has sustainably reversed trends of declining sales that has been affecting overall market, HSBC said in a note.
The company is likely to gain market share from unorganised players due to adoption of tougher compliance practices in industry, according to HSBC analysts. More than 1 million shares changed hands, 3.8 times the 30-day moving average.
Up to Thursday's close, the stock had declined 17.8 per cent this year, compared with 13 per cent drop in Nifty realty index.
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