Sobha gains 8% as Citi maintains buy, target at Rs 640

Sobha gains 8% as Citi maintains buy, target at Rs 640

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Shares of Sobha gained 8.3 percent intraday on October 9 after research house Citi maintained buy call on the stock with a target at Rs 640 per share.

Citi has maintained buy given the company’s quality of operations.

The company has better sales velocity in a muted environment and healthy cash flows, while property demand seems to have moderated given tough macro environment, it added.

During the quarter, it achieved a new sales volume of 10,36,340 square feet valued at Rs 682 crore, with a total average realisation of Rs 6,584 per square feet, the company said

At 1411 hrs, Sobha was quoting at Rs 456.65, up Rs 25.50, or 5.91 percent on the BSE.The Great Diwali Discount!
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courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/sobha-gains-8-as-citi-maintains-buy-target-at-rs-640_13054241.html

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