Sobha gains on bargain buying

Sobha rose 0.61% to Rs 857.30, amid some bit of value buying.

The stock had declined 5.37% in the past two sessions to end at Rs 852.10 yesterday, from its recent closing high of Rs 900.45 recorded on 10 December 2021.

The scrip is currently trading 12.22% lower from its 52-week high of Rs 976.70 hit on 9 November 2021. It has zoomed 188.85% from its 52-week low of Rs 296.80 hit on 22 December 2020.

In the past one year, the stock has zoomed 166.05% while the benchmark Sensex has added 25.15% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 50.529. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day, 100-day and 200-day moving average (DMA) placed at 842.17, 758.05 and 622.60, respectively.

Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes.

The real estate developer's consolidated net profit surged 198.15% to Rs 48.30 crore on 56.92% rise in net sales to Rs 819.10 crore in Q2 September 2021 over Q2 September 2020.

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