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Sobha slumps 4%; announces buyback of equity shares

Sobha slumps 4%; announces buyback of equity shares

The company has announced that its Board of Directors has approved a proposal to buy back 2275000 equity shares for an aggregate amount of Rs.750,750,000.

Sobha Ltd was trading lower by 4% at Rs.294. The company has announced that the Board of Directors has approved a proposal to buy back upto 2,275,000 equity shares for an aggregate amount not exceeding Rs.750,750,000.
The company posted a net profit of Rs.361 mn for the quarter ended March 31, 2016 compared with Rs.615 mn for the quarter ended March 31, 2015. Total income increased from Rs.5093 mn for the quarter ended March 31, 2015 to Rs.5585 mn for the quarter ended March 31, 2016.
 
The scrip opened at Rs. 300 and has touched a high and low of Rs. 300 and Rs. 291.15 respectively. So far 77180(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2995.73 crore.
 
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 438 on 26-May-2015 and a 52 week low of Rs. 230.05 on 25-Feb-2016. Last one week high and low of the scrip stood at Rs. 314.5 and Rs. 291.15 respectively.
 
The promoters holding in the company stood at 60.58 % while Institutions and Non-Institutions held 34.58 % and 4.84 % respectively.
 
The stock is currently trading above its 200 DMA.

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