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Tuesday, September 27, 2022

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Sobha Shares Gain On Posting Highest Ever Sales Volume In Q1

The rally in Sobha’s stock price was also aided by a Knight Frank India report that said residential sector in India has recorded a nine-year high sales volume in the first half of 2022.

Shares of the company jumped nearly 9% around 11:40 am on Thursday. The stock is up for the third straight session, gaining 14% during the period. Trading volume is nearly 20-times the 30-day average.

Of the 17 analysts tracking Sobha, 15 maintain a ‘buy’ and two suggest a ‘hold’, according to Bloomberg data. The average of the 12-month consensus target price implies an upside of 25.6%.

The stock is among the top gainers in the Nifty Realty index.

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