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Last Updated : Oct 09, 2019 02:34 PM IST | Source: Moneycontrol.com

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

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

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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.

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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.

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First Published on Oct 9, 2019 02:34 pm
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