Analysts cheer Sobha on robust sales | Economic Times

Mumbai: Shares of property developer Sobha soared 16 per cent to Rs 498.95 on Tuesday as brokerages cheered the company’s best-ever pre-sales in the fourth quarter of FY21 fueled by robust demand across segments.Sobha’s sales offer positive read-through for the broader property market and other listed developers, said Jefferies, maintaining a buy. Edelweiss and Kotak have also maintained buy, while Morgan Stanley has maintained an overweight rating on the stock.“Sobha’s 4Q operational details underline the industry theme of a revival in India's housing market after four years of low volumes and flat pricing. Sobha’s readiness to benefit from this demand, improving balance sheet and attractive valuations drive our overweight rating on the stock,” said Morgan Stanley.