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Sobha gains 6% post June quarter operational update

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.

SI Reporter  |  Mumbai 

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Shares of firm 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 of Bengaluru, Gurugram and Kochi continue to perform well and are ably supported by the Coimbatore and Mysore,” said in a press release.

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.


First Published: Fri, July 06 2018. 09:40 IST
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