Sobha jumps after good sales volume in Q1

Sobha rose 4.55% to Rs 399 at 9:40 IST on BSE after the company achieved good new sales volume in Q1 June 2017.

The announcement was made after market hours yesterday, 5 July 2017.

Meanwhile, the S&P BSE Sensex was up 86.07 points, or 0.28% to 31,331.63.

On the BSE, 43,000 shares were traded in the counter so far, compared with average daily volumes of 1.29 lakh shares in the past one quarter. The stock had hit a high of Rs 407 and a low of Rs 397 so far during the day. The stock hit a 52-week high of Rs 449.05 on 17 May 2017. The stock hit a 52-week low of Rs 224.05 on 22 November 2016.

The stock had underperformed the market over the past one month till 5 July 2017, falling 1.94% compared with 0.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 5.33% as against Sensex's 4.40% rise. The scrip had outperformed the market in past one year, rising 18.01% as against Sensex's 15.01% rise.

The mid-cap company has equity capital of Rs 96.30 crore. Face value per share is Rs 10.

Sobha said it achieved new sales volume of 815,230 square feet (sq ft) in Q1 June 2017 valued at Rs 623.40 crore with an average realisation of Rs 7647 per sq ft. The company in its real estate operational update for Q1 said its share of sales value is Rs 562.70 crore with an average realisation of Rs 6903 per sq ft. The sales volume and total sales value are up by 12.7% and 11.9%, respectively, compared with Q4 March 2017.

Sobha's consolidated net profit spurted 70.3% to Rs 47 crore on 5.9% increase in net sales to Rs 583.90 crore in Q4 March 2017 over Q4 March 2016.

Sobha Group is one of the largest real estate organisations in India and the Middle East. It has presence in 24 cities and 13 states across India and throughout the Middle East.

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