Sobha block deal today: Stock falls 4.5% as around 5 mn shares change hands

Block deals today: Reports said the Godrej family-owned Anamudi LLP was the likely seller of the 5 per cent stake

Sobha block deal today: Sobha share price fell 4.5 per cent to Rs 1,778.75 per share on the BSE on Friday. The fall in Sobha share price came amid a block deal of around 5 million equity shares on the BSE.

At 9:15 AM, around 4.85 million shares of Sobha Ltd changed hands on the BSE at an average price Rs 1,816 per share. By 10:50 AM, 5.18 million shares had changed hands on the exchange. Together with the volume on the National Stock Exchange (NSE), around 6.14 million shares have changed hands on the counter.

While Business Standard could not identify the buyers and sellers involved in this block deal, reports suggest Anamudi Real Estate LLP could be the likely seller.

On Thursday, July 25, reports said the Godrej family-owned Anamudi was expected to sell 5 per cent of its 9.9-per cent stake in the real estate firm on Friday.

Thus far in calendar year 2024, Sobha share price has soared over 80 per cent as against a 12-per cent rise in the benchmark indices. The stock hit an all-time high of Rs 2,178.74 per share on June 18, 2024.

In the March quarter, Sobha Ltd had posted an 86-per cent year-on-year (Y-o-Y) decline in consolidated net profit to Rs 7.02 crore on lower income. The total income tumbled to Rs 791.25 crore in Q4FY24 from Rs 1,240.14 crore last year.

The company is yet to announce the date for its June quarter (Q1FY25) results.

Sobha Ltd is a leading real estate developer engaged in the business of real estate construction, development, sale management, and operation of all or any part of townships, housing projects, commercial premises, and other related activities.

Sobha Ltd has a market capitalisation (m-cap) of Rs 19,305 crore and the stock trades at a P/E of 425x.