Sobha Shares Gained Nearly 3 Percent Intraday On July 5

Sobha shares gained nearly 3 percent intraday on July 5 after steady growth in pre-sales data for June quarter. Elara Capital has retained buy rating and sees 20 percent potential upside from current levels.

The Bangalore-based real estate company reported steady pre-sales of Rs 660 crore, up 8 percent YoY and down 7.1 percent QoQ. For Q1FY20, volume came in at around 1.06 million square feet, up 10.8 percent YoY and down 5.8 percent QoQ. 

Average realization declined by 2.5 percent YoY and 1.4 percent QoQ, led by the change in product mix.

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