In FY24, Sobha experienced an impressive surge of 235 percent, emerging as the leading gainer in the Nifty Realty index, which itself rallied by 132 percent.
The volumes generated by high frequency trading firms (HFTs), more often than not, attracts retail investors to these stocks. The stocks gained between 7-18 percent as trading volumes jumped multi-fold compared to one-month average.
Motilal Oswal said the focus on sustainable growth will put Sobha on a long-term growth path. Sobha's 200msf land is valued at Rs 3,800 crore against Motilal's arrived value of Rs 6,000 crore assuming 25-75 years of monetisation.
Sobha share price: The stock today soared 9.34 per cent to hit a day high of Rs 554.90 over its previous close of Rs 507.50. Considering Tuesday's high price, the scrip traded 34.55 per cent higher from its 52-week low of Rs 412.40, a level seen on March 29, 2023. Yet, the counter has lost 26.01 per cent from its one-year high of Rs 750, hit on September 9 last year.
Jefferies said low inventories and strong demand imply 15-20 per cent FY24 pre-sales growth target is highly launch-dependent. The foreign brokerage has revised its price target to Rs 683 from Rs 750 earlier.