Sobha reports 48% jump in Q2 sales at Rs 1,724 crore; stock rises 4%
Sobha jumped 4% to the day's high of 688 on the NSE in Thursday's trade after the real estate company said that it recorded its highest-ever sales of Rs 1,724 crore for the quarter ended September 30, 2023. The sales surged 48% year-on-year (YoY), the company said in its filing to the exchanges.
The average price realisation stood at Rs 10,223 per square feet with a new sales area of 1.69 million square feet which was up 26% over the corresponding quarter of the last financial year, the exchange filing said.
Bengaluru stood out among its pockets of operations as the company clocked its highest ever sale value of Rs 932 crore with sales over 1 million square foot area. It was followed by Kerala.
GIFT City projects witnessed remarkable growth, recording their best quarter while Gurgaon continued with its steady performance, the company filing to the exchanges said.
The Bengaluru-based developer also achieved a quarterly sales milestone of over 1,000 homes of said quarter.
The company also has operations in NCR, Tamil Nadu, Hyderabad and Pune.
Sobha shares have given returns of just over 16% on the year-to-date basis outperforming the Nifty50, which has given 7% returns during this period. Meanwhile, 1-year returns of 3.13% trail Nifty's returns of 12.47% during this period.
The stock is currently trading above its 50-day and 200-day Simple Moving Averages (SMAs) and had hit its 52 week high of Rs 719 on the NSE on Friday, September 29.
Momentum indicators RSI and MFI on Trendlyne indicate that the stock is trading in the medium range of 52.6 and 57.9 and offers an upside from the current levels.
The price action is also supported by buying trends in the overall realty space. The Nifty Realty index was trading at
