Sobha buzzing loud

Sobha Ltd is buzzing with activity today with volumes jumping up over twice. The stock price rose over 6.5% to Rs.407 and it remains firmly in the green.

The stock is up on optimism after it reported its Q1FY18 update. Sobha has done well – during the first quarter it achieved new sales volume of 815,230 sq ft valued at Rs.623 crore with an average realisation of Rs.7,647 per sq ft.

The company stated that its share of sales value is Rs.563 crore with an average realisation of Rs.6,903 per sq ft. The sales volume and total sales value are up by 12.7% and 11.9%, respectively, compared to the preceding quarter.

Sobha stated that it has gained momentum in Gurugram and Kochi market though there have been no new launches in Q1.