Sobha slides after reporting small rise in profitability in Q1

Sobha dropped 1.88% to Rs 300 at 14:20 IST on BSE after consolidated net profit rose 1.98% to Rs 35.90 crore on 24.63% rise in total income to Rs 578.20 crore in Q1 June 2016 over Q1 June 2015.

The result was announced on Saturday, 10 September 2016.

Meanwhile, the BSE Sensex was down 427.44 points, or 1.48%, to 28,369.81.

Higher than normal volumes were witnessed on the counter. On BSE, so far 20,198 shares were traded in the counter, compared with an average volume of 8,585 shares in the past one quarter. The stock hit a high of Rs 309.50 and a low of Rs 298 so far during the day. The stock hit a 52-week low of Rs 230.05 on 25 February 2016. The stock hit a 52-week high of Rs 348.65 on 4 November 2015. The stock had underperformed the market over the past one month till 9 September 2016, falling 2.3% compared with Sensex's 2.54% gain. The scrip had also underperformed the market in past one quarter, rising 1.04% as against Sensex's 7.6% gain.

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

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

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