Sobha Limited share price surges by over 9%
In the first place, the share price of the company Sobha Limited seems to have risen by over 9% in the early trade on Mar 18. Besides, Morgan Stanley has maintained an overweight rating on the stock with a target price of Rs 613 per share.
So then, the research house believes that the share price would increase in absolute terms over the next 60 days. Because of the valuation stood looking attractive at the current levels.
Besides, the operational performance stood steady in terms of pre-sales velocity. Also, it seems to have a strong order book of Rs 2,200 crores/10.51 msf for contractual business.
However, the company seemed to quote at Rs 210.65, up to Rs 12.70, or 6.42% on the Bombay Stock Exchange. Also, the share reached its 52-week high Rs 587.95 and 52-week low Rs 194.90 on 16 July 2019 and 17 March 2020 respectively.
Presently, it stood trading at 64.2% below its 52-week high and 8% above its 52-week low.
On the third consecutive day, the stock market trading with the bearish trend. The Sensex trading with a loss of 932.38 points reached a 29,630.32 level with 3.17% down. Whereas Nifty trading with a loss of 275.75 points reached 8,691.30 level with 3.08% down.
In the border market, S&P BSE Midcap trading with a loss of 467.94 points reached an 11,204.89 level with 3.98% down. Whereas, S&P BSE SmallCap trading with a loss of 511.42 points reached 10,332.94 level with 4.72% down.