India's Sobha Ltd jumps on strong qtrly sales volume growth

Embassy Developments

06/10/2020 06:55

** Shares of real estate firm  SOBH.NS  surge as much as
12.24% to 270 rupees in their biggest intraday jump since June
5, pushing Nifty realty index  .NIFTYREAL  2.43% higher
    ** Stock climbs to highest level since Sept. 18 and is on
track for its third consecutive session of gains
    ** Co says https://www.bseindia.com/xml-data/corpfiling/AttachLive/f52c83c8-566d-49f1-954c-1f5f9c60e2ee.pdf
 sales volume rose 37% q/q and total sales value was up 41%     
    ** Reiterates enquiry levels are almost at pre-COVID-19
levels
    ** Shares of peers Godrej Properties Ltd  GODR.NS  gained
3.65% while Indiabulls Real Estate Ltd  INRL.NS  rose 3.33%  
    ** The Nifty realty index scales its highest level in over 2
weeks 
    ** Around 1.2 mln Sobha shares change hands by 0527 GMT, vs
30-day avg of 371,187 shares
    ** All 19 analysts covering stock have "buy" or "strong buy"
rating; median PT is 315 rupees - Refinitiv data
    ** Stock down over 40% this year, up to last close



 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))