Sobha drops on profit booking

Sobha lost 3.47% to Rs 443.50 at 9:32 IST on BSE, with the stock declining on profit booking after Monday's rally triggered by the company reporting impressive growth in sales value in Q2 September 2017 over Q2 September 2016.

Meanwhile, the S&P BSE Sensex was up 87.36 points or 0.27% at 31,934.25. The S&P BSE Mid-Cap index advanced 74.89 points or 0.47% at 15,909.02.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 35,794 shares in the past one quarter. The stock had hit a high of Rs 458 and a low of Rs 442.50 so far during the day. The stock had hit a 52-week high of Rs 469.50 yesterday, 9 October 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 9 October 2017, advancing 12.17% compared with the Sensex's 0.5% rise. The stock had also outperformed the market over the past one quarter, gaining 15.76% as against the Sensex's 1.55% rise. The scrip had also outperformed the market over the past one year, advancing 49.46% as against the Sensex's 13.49% rise.

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

Shares of Sobha had spurted 17.43% in a single trading session to settle at Rs 459.45 yesterday, 9 October 2017 after the company after market hours on 6 October 2017 reported impressive growth in sales value in Q2 September 2017 over Q2 September 2016.

Sobha's sales value rose 14.37% to Rs 592.70 crore in Q2 September 2017 over Q2 September 2016. The company's new sales volume grew marginally by 0.63% to 8.61 lakh square feet in Q2 September 2017 over Q2 September 2016.

Sobha continued to perform well in its principal market Bengaluru. This was supported adequately by an improved performance in the Kochi market followed with a consistent traction in other markets. Further, it is notable that the company has achieved this without launching any new projects, Sobha said in a statement.

On a consolidated basis, Sobha's net profit rose 32.9% to Rs 47.70 crore on 18.4% growth in net sales to Rs 674.90 crore in Q1 June 2017 over Q1 June 2016.

Sobha Group is one of the largest real estate organisations in India and the Middle East.

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