Sobha gains on buyback plan

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Sobha rose 1.43% to Rs 307.60 at 10:57 on after the company said its board will consider a proposal for buyback of equity shares at the meeting scheduled on 19 May 2016.

The announcement was made after market hours yesterday, 16 May 2016.

Meanwhile, the BSE Sensex was up 148.01 points, or 0.58%, to 25,801.24.

On BSE, so far 29,000 shares were traded in the counter, compared with an average volume of 18,771 shares in the past one quarter. The stock hit a high of Rs 314.50 and a low of Rs 305.65 so far during the day. The stock hit a 52-week high of Rs 438 on 26 May 2015. The stock hit a 52-week low of Rs 230.05 on 25 February 2016. The stock had outperformed the market over the past one month till 16 May 2016, rising 10.51% compared with 0.10% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 23.50% as against Sensex’s 10.61% rise.

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

Sobha will declare its Q4 results on 19 May 2016. The company’s consolidated net profit fell 46.6% to Rs 32.10 crore on 41.6% fall in total income to Rs 400.90 crore in Q3 December 2015 over Q3 December 2014.

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