Sobha surges 9% on September-quarter sales volumes

Sobha surged 9% to Rs 426 on the BSE in intra-day trade after the company said that it achieved new sales value of Rs 593 crore in July- September quarter (Q2FY18) was the highest in the past 10 quarters. The real estate developer had reported sales value of Rs 518 crore in the same quarter last fiscal.

“The company achieved new sales volumes of 861,084 square feet total valued at Rs 675 crore with an average realisation of Rs 7,840 per square feet in second quarter. Sales volume is marginally higher and total sales value is up by 22.5% as compared to Q2FY17,” Sobha said in an exchange filing.

Despite a challenging macro environment, the company is confident of maintaining sales momentum in forth coming quarters, it added.

At 12:06 pm, the stock was up 8% at Rs 424 on the BSE, as compared to 0.11% rise in the S&P BSE Sensex. A combined 471,595 shares changed hands on the counter on the BSE and NSE so far.

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