Sobha gets close to its high

Sobha outperformed the sector by 0.73% today, going up over 2.5% to Rs.575, which is not too far from its 52-week high of Rs.585.

The company presented its operational performance for Q1FY20 and it showed a 11% (YoY) rise in new sales volume at 1.06 million sq.feet. Its total sales valye showed a 8% increase at Rs.612 crore.

But change in sales mix across various projects led to average realization coming down 8% to Rs.7,312/sq.feet.

During the quarter, the company launched SOBHA Nesara, a super luxury apartment project in Pune, with saleable area of 0.51 million square feet. It also launched SOBHA Verdure, an exclusively designed row houses project in Coimbatore, with saleable area of 0.10 million square feet. In total, Sobha launched 0.61 million square feet of projects during the first quarter of this financial year.