Sobha Developers jumps on bargain hunting

Sobha Developers jumped 7.54% to Rs 234.50 at 12:11 IST on BSE on bargain hunting after the stock tumbled 14.02% in the preceding four sessions to Rs 218.05 on Wednesday, 4 September 2013, from a recent high of Rs 253.60 on 29 August 2013.

Meanwhile, the BSE Sensex was up 416.42 points, or 2.24%, to 18,983.97.

On BSE, 14,000 shares were traded in the counter compared with average volume of 16,381 shares in the past one quarter.

The stock hit a high of Rs 240 and a low of Rs 222.30 so far during the day. The stock hit a 52-week low of Rs 214.10 on Wednesday, 4 September 2013. The stock hit a 52-week high of Rs 472.40 on 13 February 2013.

The stock had underperformed the market over the past one month till 4 September 2013, sliding 23.60% compared with the Sensex's 3.11% decline. The scrip had also underperformed the market in past one quarter, falling 42.87% as against Sensex's 5% fall.

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

Sobha Developers' consolidated net profit rose 11.3% to Rs 50.10 crore on 6.7% growth in net sales to Rs 461 crore in Q1 June 2013 over Q1 June 2012.

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

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