April 6, 2018 / 4:17 AM / 3 months ago

BUZZ-India's Sobha jumps on robust results

** Real estate co Sobha Ltd surges as much as 10.8 pct to 564 rupees in its biggest intraday pct gain since Jan 22

** Co posted on Thursday 20.8 pct jump in new sales volume for FY18 at 3.63 mln sq ft, valued at about 28.61 bln rupees ($439.97 million)

** Sobha reported Q4 sales of 6.5 bln rupees, up 30 pct y/y and highest in last 12 qtrs, thus demonstrating it has sustainably reversed trends of declining sales that has been affecting overall market - HSBC said in a note

** Sobha likely to gain market share from unorganised players due to adoption of tougher compliance practices in industry - HSBC analysts

** More than 1 mln shares change hands, 3.8 times the 30-day moving avg

** Up to Thursday’s close, stock had declined 17.8 pct this year, compared with 13 pct drop in Nifty realty index

$1 = 65.0275 Indian rupees

0 : 0
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