Shares of Sobha Ltd. rose on Friday after it reported its highest-ever quarterly sale value in its first-quarter update for fiscal 2024.
The company reported sales of Rs 1,465 crore, a growth of 27.9%, in the quarter ended June.
Sobha Q1 Update (Year-On-Year)
The company clocked its highest-ever price realisation of Rs 10,506 per square feet on a total saleable area of 13.94 lakh square feet.
Reported 2.6% growth in total sales volume, at 13.0 lakh square feet.
Released inventory of 779,876 square feet in ongoing projects, mainly in Kerala.
Shares of the company rose 4.33%, the most since June 13, compared to a 0.11% decline in the Nifty 50 as of 10:33 a.m.
Total traded volume stood at 4.6 times its 30-day average. The relative strength index was at 68.
Of the 18 analysts tracking the company, 17 maintain a 'buy' rating and one recommends a 'hold', according to Bloomberg data. The average calculated from the 12-month price target given by analysts implies a potential upside of 33.3%.
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