Sobha gains on buyback plan

Sobha rose 1.51% to Rs 404 at 9:20 IST on BSE after the company said its board will meet on 4 August 2017 to consider a proposal for buyback of equity shares of the company, for an aggregate amount up to Rs 62 crore.

The announcement was made after market hours yesterday, 31 July 2017.

Meanwhile, the S&P BSE Sensex was up 32.52 points, or 0.10% to 32,547.46.

On the BSE, 7,446 shares were traded in the counter so far, compared with average daily volumes of 36,798 shares in the past one quarter. The stock had hit a high of Rs 410 and a low of Rs 401.20 so far during the day.

The stock hit a 52-week high of Rs 449.05 on 17 May 2017. The stock hit a 52-week low of Rs 224.05 on 22 November 2016.

The stock had outperformed the market over the past one month till 31 July 2017, rising 7.70% compared with 5.15% rise in the Sensex. The scrip had underperformed the market in past one quarter, rising 0.57% as against Sensex's 8.67% rise. The scrip had outperformed the market in past one year, rising 21.05% as against Sensex's 16.11% rise.

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

Sobha's consolidated net profit spurted 70.3% to Rs 47 crore on 5.9% increase in net sales to Rs 583.90 crore in Q4 March 2017 over Q4 March 2016. The company will consider Q1 results on 4 August 2017.

Sobha Group is one of the largest real estate organisations in India and the Middle East. It has presence in 24 cities and 13 states across India and throughout the Middle East.

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