Sobha Developers gains on registering 6% rise in sales bookings in FY14

Sobha Developers is currently trading at Rs. 374.90, up by 2.55 points or 0.68% from its previous closing of Rs. 372.35 on the BSE. The scrip opened at Rs. 372.95 and has touched a high and low of Rs. 385.00 and Rs. 367.25 respectively. So far 24364 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 425.00 on 17-May-2013 and a 52 week low of Rs. 214.10 on 04-Sep-2013. Last one week high and low of the scrip stood at Rs. 400.00 and Rs. 366.80 respectively. The current market cap of the company is Rs. 3658.76 crore. The promoters holding in the company stood at 60.58 % while Institutions and Non-Institutions held 35.87 % and 3.54 % respectively. Sobha Developers has registered 6% rise in sales bookings to Rs 2,343 crore in the FY14, on higher realization but missed its target due to the slowdown, especially in the NCR-Gurgaon region. The company had achieved sales bookings of Rs 2,215 crore during 2012-13. At the close of the financial year, the company has registered new sales area of 3.59-million sqft valued at Rs 2,343 crore at an average price realisation of Rs 6,534 per sft. At the start of the previous financial year, the company had estimated new sales at Rs 2,600 crore and 4.2-million sqft for 2013-14. While the sales value increased by 5.78 per cent, the average price realisation registered a growth of 10.8 per cent year-on-year. Sobha Developers has presence in seven cities -- Bangalore, Gurgaon, Chennai, Pune, Coimbatore, Mysore and Thrissur. It has completed 83 projects aggregating to 20.78 million sq ft of saleable area and is presently developing 43 projects with 17.4 million sq ft of saleable area.