Sobha hits fresh 52-week high post Q3 operational update

The stock surged 14% to Rs 687, also its fresh 52-week high on BSE after real estate firm reported 92% jump in sales bookings to Rs 7.5 billion in Q3FY18.

Sobha surged 14% to Rs 687, also its fresh 52-week high on BSE in early morning trade, after real estate firm reported 92% jump in sales bookings to Rs 7.5 billion during the quarter ended December 2017 (Q3FY18) on higher volumes and better average realisation. It had sold properties worth Rs 3.9 billion in the year ago period.

Sobha sold 933,365 sq ft (square feet) area during the third quarter, up 52% from 6,13,652 sq ft in the same period last fiscal, the company said in Q3 operational update.

The average price realisation increased to Rs 8,045 per