Business fundamentals are likely to remain strong with a steady pace of new launches, says Morgan Stanley.
Sobha share price added 4 percent intraday on November 28 after Morgan Stanley maintained an overweight rating with a target of Rs 613 per share.
The research house believes that the share price will rise in absolute terms over the next 30 days and the second half of the year is expected to be better than the first half, driven by volume growth in the residential segment.
Business fundamentals are likely to remain strong, with a steady pace of new launches, it added.
At 0951 hours, Sobha was quoting at Rs 405.15, up Rs 13.65, or 3.49 percent, on the BSE.
The share touched its 52-week high of Rs 587.95 and 52-week low of Rs 377 on July 16, 2019, and November 26, 2019, respectively.It is trading 30.96 percent below its 52-week high and 7.68 percent above its 52-week low.