After falling for two consecutive sessions, shares of Sobha Ltd jumped over 12 percent on Thursday as the Street cheered an upbeat quarterly business update by the real estate company.At 9:39 am, shares of Sobha Ltd were up 10.2 percent at Rs 836.05. The stock hit its 52-week high of Rs 852.25 on Thursday.Sobha Ltd has achieved the best-ever sales volume at sustainable price realisation."This was primarily driven by good sales numbers achievedin Bengaluru, Gurugram, Pune and GIFT CITY. The Kerala region has shown improved sales performance as compared to Q1-22. It could have done better but for the prolonged impact of Covid second wave," Sobha Ltd said in an exchange filing.Also Read | Real estate stocks rally as property registrations in Mumbai jump to 10-year highThe company achieved its best-ever quarterly sales volume of 1,348,864 square feet of super built-up area valued at Rs 10.30 billion and also clocked its best-ever sale value of Rs 8.54 billion.The company also said that its key market Bengaluru has performed well during the quarter. Meanwhile, cash flow remained healthy and despite the dividend payment, the company said it was able to reduce its net debt.Further, Sobha Ltd's average cost of borrowing has further come down during the quarter."With festive season coming in and our planned new launches in the coming quarters, we are expected to sustain momentum in the second half of the financial year," Sobha Ltd added.ICICI Securities expects this momentum to continue into H2FY22 and beyond.The brokerage has raised its target price on the stock to Rs 774 from Rs 540 earlier as it assigns a higher value to the company’s land bank owing to an expected upcycle for residential housing in South India in the medium term."However, we downgrade our rating to 'hold' from 'add' post the 55 percent appreciation in stock price over the last three months," said ICICI Securities in a note.Catch all LIVE stock market updates here.