Sobha shares in news today amid reports of a block deal

Shares of realty major Sobha Ltd are in news today amid reports that Anamudi Real Estate LLP, wholly owned by the Godrej family, is likely to offload 5% of its 9.9% stake via block deals. The deal is expected at around $100 million, with the transaction price likely at a 6% discount to the market price. Kotak Securities is the sole banker to the deal.

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.

Total 0.11 lakh shares of the firm changed hands amounting to a turnover of Rs 2.09 crore on BSE.  

Sobha stock has gained 229% in a year and risen 87% 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 a 86% fall in consolidated net profit at Rs 7.02 crore in the March 2024 quarter on lower income. 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.