India's Sobha gains most in over five months on fourfold quarterly profit jump
BUZZ-India's Sobha gains most in over five months on fourfold quarterly profit jump ** Shares of Sobha SOBH.NS rise 5.8% to 1,540.3 rupees, their biggest intraday pct gain since early February
** The real estate company posts near fourfold Y/Y rise in first-quarter profit, supported by higher prices and sustained demand for premium apartments and a 50% jump in revenue
** Company's well-capitalized, de-leveraged balance sheet provides ample liquidity to comfortably support near-term launch plans, Investec says
** Adds the company's unsold inventory, undeveloped land bank provide strong visibility for future growth
** Investec remains constructive on company, cites healthy pre-sales growth, strong balance position; retains "buy" rating
** Stock rated "strong buy" on avg; median PT 1755.5 rupees - data compiled by LSEG
** Sobha stock up 5.5%, YTD
(Reporting by Aleef Jahan in Bengaluru)
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