Sobha shares surge 11% on strong Q4 performance

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New Delhi: Shares of Sobha Ltd surged as much as 11% in the morning trade on the bourses on Friday after the company reported strong operational performance for the quarter ended March and financial year 2017-18.

The company in a regulatory filing said its operational performance for the fourth quarter and for the financial year 2017-18 has been the “best ever in value terms, with growth across regions and product categories”.

Following the announcement, Sobha shares opened at Rs535, then surged further to touch an early high of Rs564, up 11% over its previous closing price. On the NSE, the stock opened at Rs550, then surged further to Rs564, higher by 10.82% over its previous closing price.

The company has registered new sales volume of 3.63 million square feet, total valued at around Rs2,861 crore at an average price realisation of around Rs7,892 per square feet at the close of financial year 2017-18, as per the filing. Annual sales volume and values are up by 21% and 42%, respectively.

For the fourth quarter, the company has achieved new sales volume of 1.02 million square feet, total valued at about Rs812 crore at an average price realisation of around Rs7,993 per square feet, the filing said.

Sales volume and values are up by 40% and 31%, respectively as compared to the corresponding quarter of the last year. The same are up by 9% and 7.5%, respectively as compared to the preceding quarter, the filing added.livemint