Sobha shares jump 10% in 4 sessions. Here’s what triggered this rally

Sobha shares have surged by over 6% for a fourth consecutive session following strong Q4 earnings in which the Bengaluru-based real estate company reported a 242% YoY jump in net profit. Top brokerages have since recommended a ‘Buy’ on shares, citing its positive earnings performance. On May 30, Sobha reported a consolidated net profit of INR 48.60 crore for Q1, up from INR 14.2 crore in Q1FY22. The company also announced a dividend of INR 3 per share. While shares have returned almost 19% over the past month, it has been an underperformer over a one-year and six-month basis.