Sobha corrects on profit booking

Sobha fell 4.50% to Rs 476 at 13:35 IST on BSE on profit booking after the stock jumped 23.47% in the preceding seven trading sessions to Rs 498.45 on 21 August 2014, from a recent low of Rs 403.70 on 11 August 2014.

Meanwhile, the BSE Sensex was up 40.17 points, or 0.15%, to 26,400.28.

On BSE, so far 8,579 shares were traded in the counter, compared with an average volume of 33,850 shares in the past one quarter.

The stock hit a high of Rs 500 and a low of Rs 476 so far during the day. The stock hit a 52-week high of Rs 581 on 9 June 2014. The stock hit a 52-week low of Rs 214.10 on 4 September 2013.

The stock had outperformed the market over the past one month till 21 August 2014, rising 13.48% compared with 2.51% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.94% as against Sensex's 8.49% rise.

The mid-cap company has an equity capital of Rs 98.06 crore. Face value per share is Rs 10.

On a consolidated basis, Sobha's net profit rose 13.8% to Rs 57 crore on 26% growth in revenue to Rs 583 crore in Q1 June 2014 over Q1 June 2013.

Sobha, erstwhile Sobha Developers, is primarily focused on residential and contractual projects.

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