Sobha recovers after recent slide

Sobha rose 2.31% to Rs 374.50 at 11:07 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was up 191.33 points, or 0.62% at 31,025.65. The S&P BSE Mid-Cap index was up 110.98 points, or 0.77% at 14,613.67.

On the BSE, 5,151 shares were traded on the counter so far as against the average daily volumes of 1.35 lakh shares in the past one quarter. The stock had hit a high of Rs 374.75 and a low of Rs 369.25 so far during the day. The stock had hit a 52-week high of Rs 449.05 on 17 May 2017 and a 52-week low of Rs 224.05 on 22 November 2016.

The stock had underperformed the market over the past one month till 28 June 2017, declining 6.69% compared with the Sensex's 0.62% fall. The scrip had also underperformed the market over the past one quarter gaining 1.31% as against the Sensex's 4.84% rise. The scrip had, however, outperformed the market over the past one year advancing 18.39% as against the Sensex's 16.25% rise.

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

Shares of Sobha had declined 6.63% in the preceding four trading sessions to settle at Rs 366.05 yesterday, 28 June 2017, from its closing price of Rs 392.05 on 21 June 2017.

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.

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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