The company’s scrip touched a high of Rs 980 versus the previous close of Rs 885.20 on the National Stock Exchange.
The company’s plan to raise Rs 140 crore through debentures also buoyed investor sentiment and contributed to the surge in share price.
The company’s total income increased to Rs 832.3 crore in the second quarter of this fiscal year from Rs 545.9 crore in the corresponding period a year ago, Sobha Ltd said in a regulatory filing, PTI reported.
Sobha, which is based out of Bengaluru, is one of the largest real estate developers in India.
“Our all-time high sales volume achieved during the quarter is very encouraging. We expect to sustain the momentum along with gain in market share. We are moving in the right direction with confidence. The pandemic did take its toll but also threw up AI based technologies that created a convenient environment for buyers and developers. This emergence and acceptance of Proptech has redefined the real estate sector in India today. The credible builders with a proven track record of delivery excellence stand to gain immensely,” Sobha’s managing director JC Sharma was quoted as saying.
