Sobha declines on profit booking

Sobha lost 2.45% to Rs 356.75 at 10:09 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was up 130.18 points or 0.44% at 29,462.34. The BSE Mid-Cap index was up 44.51 points or 0.32% at 13,897.91.

On the BSE, 26,000 shares were traded on the counter so far as against the average daily volumes of 24,837 shares in the past one quarter. The stock had hit a high of Rs 365.90 and a low of Rs 352.35 so far during the day.

The stock had hit a 52-week high of Rs 381.90 on 23 March 2017 and a 52-week low of Rs 224.05 on 22 November 2016. The stock had outperformed the market over the past one month till 23 March 2017, advancing 26.72% compared with the Sensex's 1.52% rise. The scrip had also outperformed the market over the past one quarter, gaining 47.79% as against the Sensex's 12.64% rise.

The mid-cap company has equity capital of Rs 96.30 crore. Face value per share is Rs 10.

Shares of Sobha had rallied 16.02% in the preceding three sessions to settle at Rs 365.70, from its close of Rs 315.20 on 20 March 2017.

On a consolidated basis, net profit of Sobha rose 7.9% to Rs 39.40 crore on 24.4% growth in net sales to Rs 540 crore in Q3 December 2016 over Q3 December 2015.

Sobha Group is one of the largest real estate organisations in India and the Middle East. It has presence in 24 cities and 13 states across India and throughout the Middle East.

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