Shares of Sobha settle up 8 pc on strong Mar qtr sales figures

Shares of Sobha Ltd on Friday settled with gains of nearly 8 per cent after the company reported strong operational performance for the quarter ended March and financial year 2017-18. During the day, the stock opened at Rs 535, then surged further to touch an intra-day high of Rs 564, up 11 per cent over its previous closing price. At the end of today's trade, the stock was quoted at Rs 547.55, up 7.76 per cent on the BSE. On the NSE, the stock opened at Rs 550, then surged further to Rs 564, higher by 10.82 per cent over its previous closing price. It finally ended the day at Rs 550, up 8.08 per cent. 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". The company has registered new sales volume of 3.63 million square feet, total valued at around Rs 28.61 billion at an average price realisation of around Rs 7,892 per square feet at the close of financial year 2017-18, as per the filing. Annual sales volume and values are up by 21 per cent and 42 per cent, respectively. For the fourth quarter, the company has achieved new sales volume of 1.02 million square feet, total valued at about Rs 8.12 billion at an average price realisation of around Rs 7,993 per square feet, the filing said. Sales volume and values are up by 40 per cent and 31 per cent, respectively as compared to the corresponding quarter of the last year. The same are up by 9 per cent and 7.5 per cent, respectively as compared to the preceding quarter, the filing added.