Shares of Sobha jump 11 pc on strong Mar qtr performance

Shares of Sobha Ltd surged as much as 11 per cent in the morning trade on the bourses today after the company reported strong operational performance for the quarter ended March and financial year 2017-18.

The company in a regulatory filing said its operational performance for the fourth quarter and for the financial year 2017-18 has been the "best ever in value terms, with growth across regions and product categories".

Following the announcement, shares of the company opened at Rs 535, then surged further to touch an early high of Rs 564, up 11 per cent over its previous closing price.

On the NSE, the stock opened at Rs 550, then surged further to Rs 564, higher by 10.82 per cent over its previous closing price.

The company has registered new sales volume of 3.63 million square feet, total valued at around Rs 28.61 billion at an average price realisation of around Rs 7,892 per square feet at the close of financial year 2017-18, as per the filing.

Annual sales volume and values are up by 21 per cent and 42 per cent, respectively.

For the fourth quarter, the company has achieved new sales volume of 1.02 million square feet, total valued at about Rs 8.12 billion at an average price realisation of around Rs 7,993 per square feet, the filing said.

Sales volume and values are up by 40 per cent and 31 per cent, respectively as compared to the corresponding quarter of the last year. The same are up by 9 per cent and 7.5 per cent, respectively as compared to the preceding quarter, the filing added.