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Sobha's strong sales buck the trend

Sept quarter performance driven by higher realisations

stock market, Sensex, BSE, Nifty
A broker monitors share prices while trading at a brokerage firm in Mumbai. (File photo: Reuters)

The stock of Sobha, the real estate company, hit the upper circuit before closing with 17.4 per cent gains on Monday, after the company reported a 14 per cent year-on-year (y-o-y) increase in property sales in the September quarter (Q2). This is the highest level of sales reported in 10 quarters. The company had given an operational update on Friday after market hours. What is notable is that the sales came at a time when the sector is grappling with falling demand and regulatory actions such as the Real Estate Regulation Act (RERA). This has prodded analysts to turn bullish on ...