Sobha Developers rose 4.69% to Rs 305.65 at 9:59 IST on BSE after the company said its new sales rose 6.38% to 1 million square feet in Q2 September 2013 over Q2 September 2012.
The announcement was made after market hours on Thursday, 3 October 2013.
Meanwhile, the BSE Sensex was up 49.02 points or 0.25% at 19,951.09.
On BSE, 5,676 shares were traded in the counter as against average daily volume of 32,143 shares in the past one quarter.
The stock hit a high of Rs 309.95 and a low of Rs 294.75 so far during the day. The stock hit a 52-week high of Rs 472.40 on 13 February 2013. The stock hit a 52-week low of Rs 214.10 on 4 September 2013.
The stock had outperformed the market over the past one month till 3 October 2013, surging 25.54% compared with the Sensex's 9.14% rise. The scrip had, however, underperformed the market in past one quarter, sliding 12.93% as against Sensex's 3.78% rise.
The small-cap company has equity capital of Rs 98.06 crore. Face value per share is Rs 10.
Sobha Developers said its average price realisation rose 13.07% to Rs 6,304 per square feet in Q2 September 2013 over Q2 September 2012. Sales value grew 19.89% to Rs 632.30 crore in Q2 September 2013 over Q2 September 2012. The company's strategy to diversify into newer markets backed by a consistent launch pipeline has yielded positive results, Sobha said.
Sobha said that the management at the beginning of the fiscal had set a guidance of new sales area of 4.2 msf valued at Rs 2600 crore for the current fiscal (FY 2014). At the end of first half of FY 2014, the company looks poised to achieve the target, having registered new sales area of 1.92 msf valued at Rs 1235 crore, Sobha said in a statement. At the half way mark, despite the existing macroeconomic uncertainties of GDP growth, interest rates and inflation, the company remains hopeful in achieving its guidance for the current fiscal, Sobha added.
Sobha Developers' consolidated net profit rose 11.3% to Rs 50.10 crore on 6.7% growth in net sales to Rs 461 crore in Q1 June 2013 over Q1 June 2012.
Sobha Developers is a real estate developer. It is primarily focused on residential and contractual projects.
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