Sobha Developers’ stock rises 11 percent; breaches Rs 500
On Friday, the shares of Bangalore-based realty firm Sobha Developers witnessed an 11 percent increase, breaching Rs 500. The latest gain in the stock of Sobha Developers – which has recently bought a 50 percent stake in Puravankara’s project in Kochi – is apparently a consequence of an upbeat sentiment with regard to the Bangalore property market.
The Friday gain the Sobha Developers’ stock marks the latest increase in the company shares over the last few months. The stock of the real estate firm has been on the rise since February this year; and, in the past three months, it has gained a whopping 75 percent.
With the gain in the Sobha Developers stock not attributable to any specific news event, it is apparent that there has been evident enthusiasm in the market about the future prospects of property developers in Bangalore.
Along with Sobha Developers, some other Bangalore-based realty firms which saw gains in their stock on Friday included Brigade Enterprises and Prestige Estates Projects which respectively gained 17 percent and 5 percent.
The recent increases in the stock of Bangalore-based property firms is an indication of the fact that the property market fundamentals in the city are fairly strong, both in residential and commercial segments. The Bangalore property market has been witnessing an uptrend of late, and inventory levels are reasonable.
Source – The Hindu Business Line
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