Sobha gains after reporting decent rise in new sales in Q1 June 2015

Sobha jumped 4.2% to Rs 179.60 at 12:45 IST on BSE after the company in its quarterly update said new sales is higher by 11.5% and 4.5% in volume and value terms in Q1 June 2015 over Q1 June 2014.

The announcement was made after market hours yesterday, 6 July 2015.

Meanwhile, the S&P BSE Sensex was up 42.28 points or 0.15% at 28,251.04.

On BSE, so far 18,845 shares were traded in the counter as against average daily volume of 12,656 shares in the past one quarter.

The mid-cap real estate company hit a high of Rs 383.90 and a low of Rs 370 so far during the day. The stock hit a 52-week high of Rs 536 on 4 December 2014. The stock hit a 52-week low of Rs 350 on 29 June 2015.

Sobha issued an update on its real estate operations in the quarter ended 30 June 2015. The company said performance of the real estate operations of the company during Q1 June 2015 is satisfactory. In Q1 June 2015, the company achieved new sales of 841399 square feet valued at Rs 503.90 crore with an average realisation of Rs 5,988 per square feet. The new sales is higher by 11.5% and 4.5% in volume and value terms respectively as compared to Q1 June 2014. The average price realisation has dipped on account of the product portfolio of the company comprising the compact luxury segment 'Sobha Dream Acres' at Balagere, Bangalore.

Sobha's consolidated net profit fell 9.6% to Rs 62 crore on 19.2% decline in total income to Rs 509.30 crore in Q4 March 2015 over Q4 March 2014.

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