Sobha gains after announcing launch of luxury apartment project in Delhi-NCR

Sobha gained 4.11% to Rs 321.90 at 12:05 IST on BSE after the company said it will launch its first luxury apartment project, Sobha City in Delhi-NCR today, 29 June 2016.

The announcement was made after market hours yesterday, 28 June 2016.

Meanwhile, the BSE Sensex was up 121.28 points, or 0.46%, to 26,645.83.

On BSE, so far 12,926 shares were traded in the counter, compared with an average volume of 19,572 shares in the past one quarter. The stock hit a high of Rs 325.50 and a low of Rs 314.90 so far during the day. The stock hit a 52-week high of Rs 383.90 on 7 July 2015. The stock hit a 52-week low of Rs 230.05 on 25 February 2016. The stock had outperformed the market over the past one month till 28 June 2016, gaining 1.29% compared with Sensex's 0.48% fall. The scrip had also outperformed the market in past one quarter, gaining 16.13% as against Sensex's 6.24% gains.

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

Sobha said that the project is one of the largest group housing projects in Gurgaon which will offer best-in-class living experience to the customers. Sprawled over 39 acres, Sobha City comprises of 1,700 apartments across 22 towers with four units on each floor. The project offers 2BHK and 3BHK apartments that range from 1380 square feet (sq. ft) to 2342 sq. ft.

Sobha's consolidated net profit fell 41.3% to Rs 36.10 crore on 9% growth in net sales to Rs 550.40 crore in Q4 March 2016 over Q4 March 2015.

Sobha is a backward integrated real estate player. The company is primarily focused on residential and contractual projects.

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