Sobha surges 11% on strong sales volume in March quarter

The stock surged 11% to Rs 564 on the BSE after the real estate developer said it has reported strong 40% year on year growth in sales volume for the quarter ended March 2018.

Shares of Sobha have surged 11% to Rs 564 per share on the BSE in early morning trade after the real estate developer said it has reported strong 40% year on year growth in sales volume for the quarter ended March 2018 (Q4FY18).

“For the fourth quarter, sales volume and values are up by 40% and 31% respectively as compared to corresponding quarter of last year and are up by 9% and 7.5% as compared to preceding quarter,” Sobha said in a press release.

The Company has achieved new sales volume of 1.02 million square feet, total valued at Rs 8.12 billion at an average price realisation of Rs 7,993 per square feet (Sobha share of sales value at Rs 6.56 billion, at an average price realization of Rs 6,457 per square feet), it added.

The company’s operational performance for the fourth quarter and for the financial year 2017-18 has been the best ever in value terms, with growth across regions and product categories.

The Company has registered new sales volume of 3.63 million square feet, total valued at Rs 28.61 Billion at an average price realisation of Rs 7,892 per square feet at the close of financial year 2017-18 (Sobha share of sales value at Rs 24.22 Billion, at an average price realization of Rs 6,680 per square feet, Sobha said.

At 09:26 am; the stock was trading 9% higher at Rs 556 on the BSE, as compared to 0.05% decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.07 million shares changed hands on the BSE and NSE so far.