Anamudi Real Estates hikes stake in Sobha to 10%

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Godrej Group's promoter entity Anamudi Real Estates increased its stake in Sobha to 9.99% in Q1 June 2020 from 1.08% in Q4 March 2020.

Meanwhile, Sobha announced on Monday (13 July) that post easing of lockdown in first week of May, all its offices, sites and factories got operational in line with respective state rules and regulations. However, labor migration had an adverse impact on the company's operations at project sites and factories. During April and May months, the company's sales dipped, but from June onwards sales improved and inquiries shot up to pre-Covid levels

Sobha added that its operations are gradually returning to normalcy and at this stage there is no structural long-term impact on the business. However, situation is dynamic with Kamataka announcing a new lockdown in Bengaluru from 14 July to 23 July 2020.

The company said that while its liquidity position remains comfortable, the pandemic-led disruption will impact its revenue recognition as there will be some delay in handing over of the apartments. There is short term impact in supply chain due to restricted commercial activities across various states, it added.

Shares of Sobha were up 0.47% at Rs 233.20 on BSE.

Sobha is a real estate brand in India. It has made several developments in Bangalore, Kerela, Delhi - NCR, Chennai, Coimbatore, Mysore and Pune.

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