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Sobha surges on launching tallest residential building project in Gujarat

Sobha is currently trading at Rs. 506.95, up by 7.90 points or 1.58% from its previous closing of Rs. 499.05 on the BSE.

The scrip opened at Rs. 507.30 and has touched a high and low of Rs. 509.95 and Rs. 498.80 respectively.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 587.95 on 16-Jul-2019 and a 52 week low of Rs. 380.50 on 10-Oct-2018.

Last one week high and low of the scrip stood at Rs. 538.15 and Rs. 493.50 respectively. The current market cap of the company is Rs. 4733.28 crore.

The promoters holding in the company stood at 51.75%, while Institutions and Non-Institutions held 42.54% and 5.70% respectively.

Sobha has launched tallest residential building project in Gujarat and will develop 474 units in the housing project located at GIFT city. There will be two towers in the project — ‘Sobha Dream Heights’. GIFT City is located on the banks of Sabarmati river and is spread over 886 acres. This is the first residential project in Gujarat International Finance Tec-City (GIFT City), a global financial and technology hub.

Sobha is one of the fastest growing and foremost backward integrated real estate players in the country. It primarily focuses on residential and contractual projects.

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