Sobha shares dropped over 4.5 per cent on July 26 after a block deal involving 47.4 lakh shares, or 5 per cent of its equity, took place. The transaction, valued at Rs 865 crore, was executed at an average price of Rs 1,825 per share, reflecting a 2 per cent discount from the previous closing price.
Details about the buyers and sellers are still undisclosed. However, earlier reports suggest that Anamudi Real Estate LLP, which is wholly owned by the Godrej family, is likely the seller.
The firm was looking to offload 5 per cent of its 9.9 percent stake in the realty company. Kotak Securities is likely the sole banker to the deal.
At 9:48 am, Sobha shares were trading nearly 3.4 percent lower at Rs 1,801.40 on the National Stock Exchange (NSE).
Shares of Sobha Ltd ended 2.07% higher at Rs 1862.50 on Thursday against the previous close of Rs 1824.75 on BSE. Market cap of the firm climbed to Rs 19,920 crore.
Sobha stock has gained 229 per cent in a year and risen 87 per cent in 2024. The stock fell to its 52-week low of Rs 540.42 on August 14, 2023.
Sobha stock has a one-year beta of 1, indicating average volatility during the period.
In terms of technicals, the relative strength index (RSI) of Sobha stands at 45.2, signaling it’s trading neither in the overbought nor in the oversold territory. Shares of Sobha stand lower than the 10 day, 20 day, 30 day, 50 day but lower than the 5 day, 100 day, 150 day and 200 day moving averages.
Sobha reported an 86 per cent fall in consolidated net profit at Rs 7.02 crore on lower income in the March 2024 quarter. Net profit stood at Rs 48.57 crore in the year-ago period.
Total income declined to Rs 791.25 crore in Q4 from Rs 1,240.14 crore in the corresponding period of the previous year.
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