Sobha declines on reporting operationally subdued third quarter

Sobha declined 2.58% to Rs 446.15 at 10:25 IST on BSE after the company said that Q3 December 2014 was operationally a subdued quarter.

The company made announcement after market hours yesterday, 7 January 2015.

Meanwhile, the BSE Sensex was up 273.47 points, or 1.02%, to 27,182.29.

On BSE, so far 12,059 shares were traded in the counter, compared with an average volume of 23,188 shares in the past one quarter.

The stock hit a high of Rs 455.15 and a low of Rs 422.55 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 260.20 on 30 January 2014.

The stock had underperformed the market over the past one month till 7 January 2015, falling 10.12% compared with 5.44% fall in the Sensex. The scrip had however outperformed the market in past one quarter, gaining 12.15% as against Sensex's 2.42% rise.

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

Sobha said that Q3 December 2014 was operationally a subdued quarter with the company achieving new sales of 661,451 square feet valued at Rs 427 crore with an average realisation of Rs 6,456 per square feet. The company pre-launched 2 projects admeasuring total saleable area of 0.67 million square feet. Sobha said that the demand in markets across the country have remained muted with sluggish pace of project approvals in the southern markets of Kerala and Tamil Nadu affecting the saleability of projects for developers across the spectrum. Bangalore continued to hold ground, accounting for majority of the new sales, the company said.

Sobha's consolidated net profit rose 5.1% to Rs 59.50 crore on 24.3% rise in total income to Rs 676.80 crore in Q2 September 2014 over Q2 September 2013.

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