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Sobha share rises over 9% on highest-ever sales in Q3

Sobha share rises over 9% on highest-ever sales in Q3

Sobha share opened with a gain of 6.6% at Rs 438 against previous close of Rs 410.90  on BSE.  The stock touched an intraday high of Rs 447.95, rising 9.01% on BSE.

Sobha share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Sobha share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Sobha Ltd share rose over 9% today after the  Bengaluru-based realty firm reported highest-ever quarterly sales volume in Q3 of current fiscal. Sobha share opened with a gain of 6.6% at Rs 438 against previous close of Rs 410.90  on BSE. The stock touched an intraday high of Rs 447.95, rising 9.01% on BSE. Sobha share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 8.32% in one year and risen 5.27% since the beginning of this year.

In a month, the share has gained 34.47%. Market cap of the firm rose to Rs 4,132 crore

The real estate developer said its total sales volume in Q3FY21 rose to 11.3 lakh sq ft from 10.7 lakh sq ft in the same period of the previous fiscal. Sales volume in the quarter ended September 2020 stood at 8.91 lakh sq ft.

The company's total sales value during the quarter increased to Rs 887.6 crore from Rs 726.1 crore, YoY. Sobha's shares in the sales value were Rs 677.7 crore. Total average price realisation rose to Rs 7,830 per sq ft in the December quarter as compared to Rs 7,737 per sq ft in the September quarter.

It was Rs 6,811per sq ft in Q3FY20. Sales volume, total sales value, Sobha's share of the sale value and price realization are up by 6 percent, 22 percent, 12 percent and 15 percent respectively as compared to Q3FY20, the company said.

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"Healthy sales numbers are encouraging despite the fallout of Covid19 pandemic situation and related stress across industries. Demand situation is also backed by once in a lifetime low-interest rates, stamp duty reduction in some states, various payment and other schemes offered by the developers," Sobha Ltd said.

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