Sobha surged 5.58% to Rs 455.20 after a global brokerage reportedly maintained 'buy' call on the stock with a target at Rs 640 per share.
The rating was maintained citing the firm's quality of operations. The company has better sales velocity in a muted environment and healthy cash flows, while property demand seems to have moderated given tough macro environment, the brokerage reportedly added.
During the quarter, Sobha achieved new sales volume of 10,36,340 square feet valued at Rs 682 crore, with a total average realisation of Rs 6584 per square feet (Sobha's share of sales value is at Rs 561 crore). The new sales volume is up by 0.45% as compared to the corresponding quarter of last year.
Total sales value fell 7.90% to Rs 682.30 crore in Q2 September 2019 over Q2 September 2018. Sobha's share in the total sales value fell 9.02% to Rs 561 crore in Q2 September 2019 over Q2 September 2018. Total average price realisation fell 8.31% to Rs 6584 crore in Q2 September 2019 over Q2 September 2018.
Meanwhile, the S&P BSE Sensex was up 591 points or 1.58% to 38123.31.
On the BSE, 11534 shares were traded in the counter so far compared with average daily volumes of 6884 shares in the past two weeks. The stock hit a high of Rs 467.6 and a low of Rs 405.3 so far during the day.
The stock hit a 52-week high of Rs 587.95 on 16 Jul 2019. The stock hit a 52-week low of Rs 380.5 on 10 Oct 2018.
On a consolidated basis, the real estate developer's net profit rose 72.2% to Rs 90.60 crore on a 96.9% rise in the net sales to Rs 1176.70 crore in Q1 June 2019 over Q1 June 2018.
Sobha is a real estate brand in India. It has made several developments in Bangalore, Kerela, Delhi-NCR, Chennai, Coimbatore, Mysore and Pune.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
