October 9, 2017 / 6:22 AM / 10 days ago

BUZZ-India's Sobha jumps on upbeat Q2 operational numbers

** Indian property developer Sobha Ltd rises as much as 8.7 pct to 425.90 rupees, its highest since Sept 19

** Co reported on Friday sales volume growth of 5.6 pct in Q2 and 8.3 pct rise in total sales value compared with last qtr bit.ly/2wI9jcX

** Says achieved average realisation of 7,840 rupees ($120.03) per sq ft, adding that it hasn’t launched any new projects in the qtr

** Co maintained its volumes and Bengaluru market provided it stability, even though volumes in 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

** Stock posts biggest intraday pct gain since May 17; up 59.6 this year as of Friday’s close

** About 341,000 shares change hands, 2.6 times 30-day avg of 130,600

$1 = 65.3175 Indian rupees

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