Sobha surges 9% as CLSA maintains buy after strong pre-sales data

Sobha share price rallied almost 9 percent intraday Monday as global brokerage house CLSA has maintained its buy rating on the stock with a target price of Rs 525 after strong pre-sales data.

"Sobha's 2Q pre-sales rise of 14 per cent YoY to a 10-quarter high comes amid a challenging period of RERA regulatory regime transition, which had significantly curtailed project marketing and new launch capability for the industry", said CLSA in a note released late Friday. The real estate developer had reported sales value of Rs 518 crore in the same quarter last fiscal. This real-estate company based out of Bangalore achieved a new sales volume of 8.61 lakh sq.ft, valued at Rs 675.1 Cr. "Sales volume is marginally higher and total sales value is up by 22.5% as compared to Q2FY17", Sobha said in an exchange filing.

At 10:34 hours IST, the stock price Sobha was quoting at Rs 416.95, up Rs 25.70, or 6.57 percent. The scrip opened at Rs 411 and has touched a high and low of Rs 425.8 and Rs 411 respectively. A combined 471,595 shares changed hands on the counter on the BSE and NSE so far. The stock is now trading above its 50 DMA. The current market cap of the company is Rs 3767.92 crore.

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