Sobha Developers drops on profit booking

Sobha Developers lost 1.69% to Rs 343.90 at 12:02 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was up 1.95 points or 0.01% at 20,959.76.

On BSE, 7,870 shares were traded in the counter as against average daily volume of 30,510 shares in the past one quarter.

The stock was volatile. The stock lost as much as 1.94% at the day's low of Rs 342 so far during the day. The stock rose as much as 0.77% at the day's high of Rs 352.50 so far during the day.

The stock had outperformed the market over the past one month till 5 December 2013, surging 13.59% compared with the Sensex's 0.08% fall. The scrip had also outperformed the market in the past one quarter, jumping 46.94% as against Sensex's 10.42% surge.

Shares of Sobha Developers had rallied 8.16% in six trading sessions to settle at Rs 349.80 on Thursday, 5 December 2013 from a recent low of Rs 323.40 on 27 November 2013.

Sobha Developers' consolidated net profit rose 13% to Rs 56.60 crore on 30.4% growth in net sales to Rs 540 crore in Q2 September 2013 over Q2 September 2012.

Sobha Developers is a real estate developer. It is primarily focused on residential and contractual projects.

Powered by Capital Market - Live News