Sobha stock hits 52-week high post strong Q2 earnings

Share of Sobha Ltd, a Bengaluru-based realty major, hit a fresh 52 week high today after the firm reported a three-fold rise in its consolidated net profit for the quarter ended September.

Sobha stock touched an intraday high of Rs 976.7, rising 10.36% on the BSE. The realty stock has gained after two days of consecutive fall. The stock opened with a gain of 4.8% at Rs 927 against previous close of Rs 885 on BSE.

Sobha share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Total 0.88 lakh shares of the firm changed hands amounting to a turnover of Rs 8.25 crore.

Market cap of the firm rose to Rs 8,639.51 crore. The mid cap share has gained 215% in one year and risen 119% since the beginning of this year.

Sobha Ltd reported a consolidated net profit of Rs 48.3 crore in Q2 against net profit of Rs 16.2 crore in the year-ago period. The firm also announced plans to raise Rs 140 crore through the issue of debentures which pushed the stock to a new high today.

Total income rose to Rs 832.3 crore in the second quarter of this fiscal year, from Rs 545.9 crore in the corresponding period a year ago.

The board has approved the issue of unlisted secured non-convertible redeemable debentures (NCDs) on a private placement basis. The size of the issue is Rs 140 crore in one or more tranches, the filing added.