Sobha Shares Gain On Posting Highest Ever Sales Volume In Q1

The rally in Sobha’s stock price was also aided by a Knight Frank India report that said residential sector in India has recorded a nine-year high sales volume in the first half of 2022.

Shares of the company jumped over 11% in intraday trade before closing 9.83% higher, the best in nine months. The stock gained for the third straight session, up 16% during the period. Trading volume was nearly 12-times the 30-day average, when markets closed.

Of the 17 analysts tracking Sobha, 15 maintain a ‘buy’ and two suggest a ‘hold’, according to Bloomberg data. The average of the 12-month consensus target price implies an upside of 22.5%.

The stock was the top gainer in the Nifty Realty index.