Shares of property developer Sobha jumped on upbeat Q2 operational numbers. The stock jumped as much as 8.7 per cent to Rs 425.90, its highest since September 19.
The company had reported on Friday sales volume growth of 5.6 per cent in Q2 and 8.3 per cent rise in total sales value compared with last quarter.
Sobha says it has achieved average realisation of Rs 7,840 ($120.03) per sq ft, adding that it has not launched any new projects in the quarter.
The company has maintained its volumes and the Bengaluru market has provided it stability, even though volumes in the national capital region went down, says an analyst with a domestic brokerage.
“From here on, the key will be new launches they can come up with or there will be no material pick-up in revenues,” says the analyst.
The company's stock posted its biggest intraday percentage gain since May 17; it was up 59.6 per cent this year as of Friday's close. About 341,000 shares changed hands, 2.6 times 30-day average of 130,600.