Shares of realty firm Sobha fell 4.5% to Rs 1,779 in Friday\’s trade on the BSE following reports of a block deal.
While the buyers and sellers in the transaction are not confirmed, media reports suggested that Anamudi Real Estate LLP, wholly owned by the Godrej family, is likely to sell 5% of its 9.9% stake in Sobha through block deals.
At 10:13 am, Sobha shares were trading nearly 3.2% lower at Rs 1,803 on the BSE. Despite this dip, the stock has surged 190% over the past year and more than 80% year-to-date. In comparison, the BSE Sensex has delivered returns of around 21% over the past year.
According to Trendlyne data, the target price for the stock is Rs 1,804. The consensus recommendation from 15 analysts for the stock is a \’Hold\’.
In technical terms, the relative strength index (RSI) of the stock is currently at 45.2. An RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. Additionally, the MACD is at -9.5, which is below its signal and centre line, this is a strong bearish indicator.
Moreover, Sobha\’s stock price is lower than the 5-day, 10-day, 20-day, 30-day, and 50-day simple moving averages, while higher than the 100-day, 150-day, and 200-day SMAs.
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In Q4 FY24, the realty firm reported an 86% decline in consolidated net profit to Rs 7.02 crore on lower income. Its net profit stood at Rs 48.57 crore in the year-ago period.
Meanwhile, its total income also fell to Rs 791.25 crore in the fourth quarter from Rs 1,240.14 crore in the corresponding period of the previous year.
During 2023-24, net profit declined to Rs 49.11 crore from Rs 104.20 crore in the preceding year. Total income fell to Rs 3,217.88 crore from Rs 3,402.43 crore in 2022-23.
Bengaluru-based Sobha Ltd is one of the leading real estate developers in the country. It has a significant presence in South India.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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