Sobha surges by 9 per cent on strong sales data

Real Estate Developer Sobha Limited surged by 9 per cent on the bourses on Monday, on the back of strong sales data for the second quarter of FY2018. The company posted a 5.6 per cent hike in its sales volume and a 8.3 per cent hike in its total sales value, respectively, as compared to the first quarter of FY18. 

The company also witnessed a marginal surge of 22.5 per cent in its sales volume and total sales value in Q2 FY18 against Q2 FY17. The sales value of Rs 5,927 million as posted for the period Q2 FY18 is the highest sales value recorded by the company in the past 10 quarters. 

Sobha Limited hit an intraday high of Rs 425.80 per share and an intraday low of Rs 411 per share on BSE on Monday. At 1208 hours IST, the stock was trading at Rs 423 per share, up by 8.12 per cent on BSE. Meanwhile, S&P BSE Sensex was trading at 31,827 level, higher by 0.04 per cent and NSE Nifty50 was trading at 9,984.65 level, higher by 0.05 per cent, respectively.   

Sobha Limited had hit its 52-week high of Rs 449.05 per share on May 17, 2017 and its 52-week low of Rs 224.05 per share on November 22, 2016 on BSE, respectively.