Realty stock Sobha is down sharply, after recent hefty gains. Some profit taking at the counter after a promoter of the company sold a more than 4% stake in open market last Friday, is dragging down the stock this morning.
At Rs 384.50, the stock is down 4.4% at present. On the National Stock Exchange, nearly 1.6 lakh shares have changed hands so far at the Sobha counter this morning. On BSE, around 35,000 shares have been traded so far at the counter.
On Friday, Sobha Menon, a promoter of the company sold 4.15% stake or 40 lakh shares of Sobha Limited at an average price of Rs 414.90 per share through bulk deals, data from BSE showed.Sobha Menon held a 41.9% stake in the realty firm as on 31 March 2017.
The realty stock, which hit a new high recently, logged in a gain of almost 70% in the year.
On 5 April 2017, shares Sobha Limited spurted to hit the 20% upper circuit after the company said it registered new sales area of 3 million square feet valued at Rs 1866 crore at an average price realisation of Rs 6216 per sq.ft., and went on to a high of Rs 416.60 the next day, before losing some ground later in the week on profit taking.
During the fourth quarter, Sobha achieved new sales volume of 723,265 sq.ft., valued at Rs 5048 million. Sales volume and values are up 18% and 35%, respectively, as compared to previous quarter performance. The company says it is encouraging to observe it has witnessed revival in demand in Delhi - NCR market.
The realtor had reported standalone net profit of Rs 28.4 crore for the quarter ended December 31, 2016 as compared to Rs 34.1 crore for the quarter ended December 31, 2015. Total income increased from Rs 448.1 crore for the quarter ended December 31, 2015 to Rs 541.6 cror for the quarter ended December 31, 2016.
On consolidated basis, Sobha group posted a net profit of Rs 39.4 crore in the quarter ended December 31, 2016 as compared to Rs 36.5 crore in the year-ago quarter.
