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Sobha Share rises 2% as brokerages remain positive post Q2 earnings

Sobha stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the realty firm stood at Rs 2,777.56 crore

twitter-logoBusinessToday.In | November 10, 2020 | Updated 17:22 IST
Sobha Share rises 2% as brokerages remain positive post Q2 earnings
Sobha stock has given 12% returns in one month, although erased 26% value year to date

Sobha share price gained over 2% on Tuesday after the brokerage house Jefferies maintained a buy rating on the stock.

Stock price of Sobha opened at Rs 291.65 and later touched an intraday high of Rs 295.5, rising 2.71% from the last close of Rs 287.70. The stock also touched an intraday low of Rs 289.95. Sobha stock has gained after 2 days of consecutive fall.

Sobha stock has given 12% returns in one month, although erased 26% value year to date.

Sobha stock is trading higher than 5, 20, 50, 100 and 200-day moving averages. Market capitalisation of the realty firm stood at Rs 2,777.56 crore. Shares of the realty company quoted a 52-week high price of Rs 463.30 and a 52-week low of Rs 117.90.

The global research firm Jefferies has retained a buy call on Sobha stock with a target of Rs 352 per share. The brokerage is of the view that collections show good progress as business returned to normalcy, adding that a surge in non-Bengaluru sales is interesting from a cycle perspective.

CLSA brokerage also maintained an "outperform" call on Sobha stock and raised the target to Rs 270 from Rs 252 per share. Kotak Institutional Equities also maintained buy with a target of Rs 400 per share on Sobha stock.

On November 7, 2020, Sobha Ltd reported a profit for the second quarter at Rs 16.2 crore on a consolidated basis as against Rs 67 crore reported last year. The company's income declined to Rs 545.9 crore in Q2 FY 21 against Rs 803.8 crore in the same period last year.

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