Sobha gains 6% post June quarter operational update

Shares of real estate firm Sobha rallied 6% to Rs 507 on the BSE in early morning trade after the company said sales bookings for the first quarter of FY19 increased by 22% to Rs 7.62 billion as compared to corresponding quarter last year on higher volumes.

“The sales volume and total sales value are up by 18% and 22% respectively as compared to corresponding quarter of last year. The markets of Bengaluru, Gurugram and Kochi continue to perform well and are ably supported by the Coimbatore and Mysore,” Sobha said in a press release.

Sobha sold 960,085.sq.ft area during the April-June quarter, up 18% from 815,230 sq.ft in the corresponding quarter last fiscal.

During the quarter, Sobha announced an investment of over Rs 5 billion towards residential development in Gujarat International Finance Tech-City (GIFT City) and also has other launches planned in multiple cities over the next few quarters.

At 09:37 am; Sobha was trading 5% higher at Rs 499 on the BSE, as compared to 0.25% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 470,181 equity shares changed hands on the BSE and NSE so far.