Sobha hits new high

Sobha is the top gainer on the BSE currently. The stock, which had closed yesterday at Rs.758.50, went on to hit a new 52-week high today at Rs.859 on the back of 2.5 times jump in volumes.

The company published its business update for Q2 and it looked pretty encouraging.

The company said that it has achieved best ever sales volume at sustainable price realization. This was primarily driven by good sale numbers achieved in Bengaluru, Gurugram, Pune and GIFT CITY. The Kerala region has shown improved sales performance as compared to Ql-22. It could have done better but for the prolonged impact of covid second wave.

Key Operational Highlights-Q2-22

? Achieved best ever quarterly sales volume of 1,348,864 square feet of super built-up area valued at Rs 10.30 billion.

? Achieved best ever Sobha Share of sale value of Rs 8.54 billion.

? Total sales volume, sale value, Sob ha share of sale value are up by 51%, 49%, 61%, and respectively as compared to Q2-21.

? Total sales volume, sale value, Sobha share of sale value are up by 51%, 51%, 50%, and respectively as compared to Ql-22. \

? During the quarter, Bengaluru has performed well which is its key market followed by good performance in Gurugram, Pune and GIFT CITY.

? Cash flow remains healthy during the quarter and despite dividend payment, it was able to reduce net debt, bringing down its average cost of borrowing.