Sobha Ltd (SOBHA)

Karnataka High Court Pulls Up Govt Over Non-Functional RERA Tribunal - 18 Apr, 2024

The Karnataka High Court has criticized the government for not filling up vacancies in the Real Estate Regulatory Authority (RERA) tribunal, leading to a non-functional tribunal. This has impacted the case of a buyer in Sobha City project, developed by Sobha Ltd., which has been pending for five years due to the absence of a chairman and requisite quorum at the tribunal.

Sobha Ltd's Share Price Rises 26% in a Month - 13 Apr, 2024

Sobha Ltd's share price has surged by 26% in the past month, resulting in an annual gain of 261%. However, investors are cautious due to the company's lower P/S ratio and limited future growth expectations. Analysts predict revenue growth of 29%, which is lower than the industry average of 40%. As a result, it's unlikely that the share price will rise significantly in the near future.

Sobha Records Best-Ever Pre-Sales in FY24; Stock Surges Above Consolidation - 11 Apr, 2024

Sobha Ltd's stock has rallied 257.17% in the past year, outperforming sub-index Nifty Realtys. Brokerage Nuvama Institutional Equities maintains its Buy call on Sobha with a revised target price of Rs 1,876. Sobha recorded best-ever pre-sales in FY24 valued at Rs 6,640 crore.

Sobha Stock Surges on Strong Sales Performance - 09 Apr, 2024

Sobha Ltd's stock has surged due to strong sales performance, achieving its best annual sales value of Rs 6,644 crore and recording highest-ever quarterly presales. The company successfully launched six residential projects, adding 7.02 million square feet to its portfolio in FY24. Analysts are positive on the stock owing to its strong fundamentals, launch pipeline as well as realisations.

Insiders Hold 52% Stake in Sobha's Market Cap Gain - 08 Apr, 2024

Sobha Limited has added ₹10b in market cap, with insiders holding a 52% stake in the gain. The significant insider ownership suggests inherent interests in company expansion and strong alignment with shareholders.

Sobha Reports Best-Ever Annual Sales Value Despite Share Fall - 05 Apr, 2024

Real estate developer Sobha achieved a record-breaking annual sales value of Rs 6,644 crore in FY23-24, up 27.8% YoY. However, Sobha Ltd.'s shares fell over 2% despite the impressive growth. The company also reported steady sales in Q4FY24 valued at Rs 1,504 crore, with an average price realisation of Rs 11,230 per square foot.

Sobha Receives Demand Notices from Income Tax Department; Subsidiary Acquires BNB Builders - 02 Apr, 2024

Realty firm Sobha Ltd has received demand notices of nearly Rs 46 crore from the Income Tax Department. Meanwhile, its subsidiary, Sobha Developers (Pune), is set to acquire 100% equity shares of BNB Builders. The acquisition will make BBPL a wholly-owned subsidiary of SDPL and a step-down subsidiary of the company.

Sobha Included in Model Portfolio as Real Estate Sector Expected to Continue Upcycle - 20 Mar, 2024

Dubai-based Sobha Realty will develop a university campus building in Dubai while Motilal Oswal Institutional Equities is bullish on the real estate sector and has included Sobha in its model portfolio.