Rs 527 to Rs 2,217 in two years: Can this stock hit Rs 3,000?
Shares of Sobha Limited have delivered multi bagger returns in the last two years. The stock closed at Rs 527 on June 13, 2022 and hit an intraday high of Rs 2217 on BSE, rising 320% in two years. On the other hand, the parent index BSE 500 rose 64.28% and the BSE realty index gained 183% during the same period.
Sobha shares hit an intraday high of Rs 2217.75 today against the previous close of Rs 2162.55 on BSE. Market cap of the firm climbed to Rs 20,643 crore. Total 5952 shares of the firm changed hands amounting to a turnover of Rs 1.30 crore on BSE today.?
However, Sobha stock has gained 285% in a year and risen 112% in 2024.??The stock hit a record high of Rs 2219 on June 13, 2024 and a 52-week low of Rs 521.80 on June 26, 2023.?????
Sobha stock has a one-year beta of 1, indicating average volatility during the period.???
In terms of technicals, the relative strength index (RSI) of Sobha stands at 67.6, signaling it's trading neither in the overbought nor in the oversold territory. Shares of Sobha are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.?????
Antique Broking has a price target of Rs 3,003 on the stock, which continues to be its top pick.
“With a strong project pipeline of 9 mn sq. ft. for FY25 and unsold inventory of 7.55 mn sq. ft., we expect SOBHA to sell 42% (as it did in FY24) of the inventory and easily surpass Rs 8500 crore in FY25. Riding the continuing upcycle, we anticipate SOBHA to maintain its sales momentum, reaching 10.0 mn sq. ft. and over Rs 120.0 bn by FY27E. We roll over our price target on FY27E numbers and maintain BUY with a revised TP of Rs 3,003 (previously Rs 2,592), valuing the company on SoTP-based EV/EBITDA multiple of 10x on sales booking EBITDA of FY27. SOBHA continues to be in our top pick, others being Century Textiles and Godrej properties (recent addition in place of DLF). Key monitorable: any update with govt. agencies,” said the brokerage.