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Shares of real estate developer Sobha jumped as much as 6.3 per cent to Rs 507.1, highest in three weeks on strong Q1 sales.
According to a press release, the company’s sales bookings during the first quarter of FY19 increased by 22 per cent to Rs 762 crore compared to the corresponding quarter last year on higher volumes. It had sold 9,60,085 sq.ft. area during the April-June quarter, up 18 per cent, from 8,15,230 sq.ft. in the corresponding quarter last fiscal.
Sales value rose 22 per cent to Rs 762 crore ($110.53 million). Sobha’s average price realisation rose 3.8 per cent yoy to Rs 7,941 per sq.ft during the period under review.
CLSA analysts are confident of the company achieving the brokerage's 13 per cent sales growth estimate for FY19. The brokeage has retained ‘buy’ rating. More than 535,000 shares traded as of 0416 GMT, 3.4 times their 30-day moving average. About 17 of 20 brokerages have rated the stock as “buy” or higher, one “hold” and two “sell” or lower; their median price target is Rs 600.
(With inputs from Reuters)
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