Sobha extends rally on strong Q1 operational update; zooms 25% in four days

The company has achieved the highest ever quarterly sales volume of 1.36 million sft in April-June quarter, up by 51.7 per cent year-on-year.

Shares of Sobha moved 6 per cent higher to Rs 677.85 on the BSE in Friday’s intra-day trade, surging 16 per cent in the past two trading days after the real estate developer posted a strong operational update for Q1FY23. The stock has zoomed 25 per cent in the past four sessions as against a nearly 3 per cent gain in the S&P BSE Sensex.

Sobha said it achieved the highest ever quarterly sales volume of 1.36 million sft in April-June quarter (Q1FY23), up by 51.7 per cent year-on-year (YoY). Sequentially, the company's sales volume rose by 1.21 per