Sobha hits 52-week high post robust sales in Q3

Realty firm Sobha hit a fresh 52-week high of Rs. 694.90 in early morning trade Monday following strong sales bookings for the third quarter FY18.

The company's sales bookings increased 92 per cent to Rs. 750.9 crore during the third quarter 2017 as compared to Rs. 390.8 crore in the corresponding period last fiscal. Whereas, sales volume increased by 52 per cent to 9,33,365 sq ft in the corresponding period. The company has crossed the sales bookings figure of the entire last fiscal of Rs. 2,012 crore in this fiscal’s first three quarters itself.

During the first three quarters of this fiscal, Sobha's sales bookings increased 41 per cent to about Rs. 2050 crore vis-a-vis Rs. 1,455.3 crore in the corresponding period last year. The Banguluru-based developer is expected to maintain improvement in operational performance in the coming quarters as well.

At 11:12 hours, Sobha was trading at a share price of Rs. 641.50 up Rs 35.95, or 5.94 per cent on the NSE. The scrip opened at Rs. 652 and created a new 52-week high of Rs. 694.90 per share on NSE. The stock attracted a traded volume of 15,99,875 shares on NSE.