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Sobha share price rises 5% on strong sales volume in Q1

Following the update, Sobha stock touched an intraday high of Rs 235.5, rising 5.68% against the earlier close of Rs 222.85 on BSE. The stock opened at Rs 227, also its day's low

twitter-logoBusinessToday.In | July 6, 2020 | Updated 17:48 IST
Sobha share price rises 5% on strong sales volume in Q1
Sobha shares trade higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages



Share price of Sobha Ltd climbed over 5% to Rs 233.75 on NSE after the real estate developer clocked a 70% rise in its sales volume during Q1 FY21 as compared to Q4 FY20.

The company said this was despite 2 months of lockdown, disrupted demand outlook, complete washout of economic activities in the real estate sector during two months of lockdown, disrupted demand outlook and complete washout of economic activities in the real estate sector.

Following the update, Sobha stock touched an intraday high of Rs 235.5, rising 5.68% against the earlier close of Rs 222.85 on BSE. The stock opened at Rs 227, also its day's low. Sobha stock price has risen 7.26% in one week and 3.39% in one month. Sobha share price has gained after 3 days of consecutive fall. Sobha shares trade higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages.

Sobha said it was able to achieve this through online technological tools, self-reliant business model, customer trust on SOBHA brand and unmatched delivery track record. Sobha said in its regulatory filing, "We are happy to announce that during the quarter, we have achieved a sales volume of 650,400 square feet valued at Rs 4.88 billion, with a total average realisation of Rs 7,498 per square feet. The price realisation has also remained stable."

"With our continuous focus on efficient cash flow management, we were able to reduce our net debt and average interest cost of borrowing during Ql-21," it added later.

Market capitalisation of the firm stood at Rs 2,213 crore as of today's closing. Shares of Sobha Ltd ended 4.69% higher at Rs 233.30 on BSE.

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