Sobha hits 52-week high; zooms 61% post closure of buyback offer

In past three weeks, post Q2 results, the stock of realty company surged 32% as compared to 0.3% decline in Sensex.

Sobha hit a 52-week high of Rs 636, up 8% on the BSE in intra-day trade. The stock rallied 61% from Rs 396 after closure of share buyback programme. The buyback had commenced on September 19, 2017 and closed on October 3, 2017.

Sobha bought back 1.46 million equity shares, utilising a total of Rs 62 crore, which represents 1.5% of the total paid-up equity shares capital of the company. It bought shares at price of Rs 425 per share through tender offer.

In the past three weeks, the stock of realty company surged 32% after it reported