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Buy Sobha; target of Rs 750: ICICI Direct

ICICI Direct is bullish on Sobha recommended buy rating on the stock with a target price of Rs 750 in its research report dated November 17, 2022.

November 21, 2022 / 10:31 PM IST
 
 
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ICICI Direct's research report on Sobha


Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~12.3 mn square feet (msf) of unsold saleable area and ongoing contractual projects aggregating to 4.8 msf in various stages of construction. As on Q1FY23, Sobha has delivered ~121+ msf of developable area. Sobha has a real estate presence in 11 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Trivandrum, Gift City and Mysore.



Outlook


The consistency in sales volumes, collections and debt reduction is a positive surprise. We upgrade from HOLD to BUY rating. We value Sobha at Rs 750/share.


For all recommendations report, click here


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Sobha - 21 -11-2022 - icici

Broker Research
first published: Nov 21, 2022 10:31 pm