Sobha climbs over 9% on reporting best yearly sales till date
Shares of Sobha Ltd surged over 9 per cent in early trade on Friday after the company informed bourses that the company’s fourth quarter and year 2017-2018 turned out to be the best ever in value terms with growth across regions and product categories.
The scrip was trading 9.45 per cent up at Rs 556.10 at around 9.30 am (IST). Shares of the company opened at Rs 535 and touched a high and low of Rs 564 and Rs 535, respectively, in trade so far.
Benchmark BSE Sensex was down 31 points, or 0.09 per cent, at 33,565 around the same time.
The real estate company registered new sales volume of 3.63 million square feet with the total valued at Rs 2,861 crore.
Sales volume and values increased by 40 per cent and 31 per cent, respectively, compared to corresponding quarter of last year and are up by 9 per cent and 7.5 per cent as compared to preceding quarter.
During the fourth quarter, the company also launched two projects namely, 'Sobha Forest Edge', in Bangalore and 'Sobha Gardenia', in Chennai, measuring total saleable area of 0.63 million square feet.
According to Kotak Institutional Research, new launches during the quarter and better sales from the ongoing projects are likely to keep the sales momentum going.
“We believe that the forthcoming year will be the turnaround year for the sector. As the housing demand improves gradually, we are poised to enter the new financial year confidently with many new launches in pipeline,” Sobha said in a release.
The scrip was trading 9.45 per cent up at Rs 556.10 at around 9.30 am (IST). Shares of the company opened at Rs 535 and touched a high and low of Rs 564 and Rs 535, respectively, in trade so far.
Benchmark BSE Sensex was down 31 points, or 0.09 per cent, at 33,565 around the same time.
The real estate company registered new sales volume of 3.63 million square feet with the total valued at Rs 2,861 crore.
Sales volume and values increased by 40 per cent and 31 per cent, respectively, compared to corresponding quarter of last year and are up by 9 per cent and 7.5 per cent as compared to preceding quarter.
During the fourth quarter, the company also launched two projects namely, 'Sobha Forest Edge', in Bangalore and 'Sobha Gardenia', in Chennai, measuring total saleable area of 0.63 million square feet.
According to Kotak Institutional Research, new launches during the quarter and better sales from the ongoing projects are likely to keep the sales momentum going.
“We believe that the forthcoming year will be the turnaround year for the sector. As the housing demand improves gradually, we are poised to enter the new financial year confidently with many new launches in pipeline,” Sobha said in a release.