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Sobha Developers gains after launching housing project

Real estate developer Sobha is all set to launch affordable housing projects each in North Bangalore and GIFT city (Gujarat). Moreover, it also plans to launch other projects in Bangalore, Thrissur, Pune, and Cochin.

Following this announcement, the company’s stock gained ~1%.

Further, the company claimed that during the second quarter, it achieved new sales volume of 10lakh sq.ft. aggregating to Rs740.8cr with an average realization of Rs7,181 per sq.ft. Sales volume was also up by 7% compared to that in the preceding quarter and up 19% yoy.

Meanwhile, the sales volume achieved during the second quarter was the highest in the past 5 years. This quarter, the company also launched Sobha Lake Garden residential project in Bangalore with a saleable area of 8lakh sq.ft.

The company’s stock is currently trading at Rs397.35 up by Rs3.6 or 0.91% from its previous closing of Rs393.75 on the BSE.

The scrip opened at Rs403.95 and has touched a high and low of Rs405.50 and Rs395 respectively. So far 1,34,723 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs3,734.56cr.

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