Oct 07, 2013, 04.06 PM IST
The Bangalore-based company has sustained its pre-sales performance despite no contribution from Gurgaon market and it is well placed to achieve full year target of Rs 2,600 crore (47 percent already achieved during April-September 2013), JP Morgan report says.
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Sobha Developers shares up 3%; JP Morgan rates outperform
The Bangalore-based company has sustained its pre-sales performance despite no contribution from Gurgaon market and it is well placed to achieve full year target of Rs 2,600 crore (47 percent already achieved during April-September 2013), JP Morgan report says.
Like this story, share it with millions of investors on M3
Sobha Developers shares up 3%; JP Morgan rates outperform
The Bangalore-based company has sustained its pre-sales performance despite no contribution from Gurgaon market and it is well placed to achieve full year target of Rs 2,600 crore (47 percent already achieved during April-September 2013), JP Morgan report says.
The Bangalore-based company has sustained its pre-sales performance despite no contribution from Gurgaon market and it is well placed to achieve full year target of Rs 2,600 crore (47 percent already achieved during April-September 2013), JP Morgan report says.
According to company's filing on October 04, the realty developer registered new sales area of 1.92 million square feet valued at Rs 1235 crore for the period of six months ending September 2013. It is nearly half of its yearly target of 4.2 million square feet.
For the quarter gone by, it sold one million square feet of new space fo Rs 632 crore at an average price realisation of Rs 6,304 per square feet.
JP Morgan, in its report, further says that the company has strong launch pipeline and inventory monetisation in ongoing projects. "Pick up in earnings over next year remains key catalyst," the report said.
Sobha Developers shares closed at Rs 320, up 0.47 percent on top of a 9 percent rally in previous session.
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