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04-Feb2013

Sobha Developers rises on selling property worth Rs 1,540 crore in last three quarters

Sobha Developers is currently trading at Rs 431.85, up by 7.55 points or 1.78% from its previous closing of Rs. 424.30 on the BSE.

The scrip opened at Rs 426.40 and has touched a high and low of Rs 431.85 and Rs 425.50 respectively. So far 566 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 450.00 on 01-Feb-2013 and a 52 week low of Rs 252.55 on 08-Feb-2012.

Last one week high and low of the scrip stood at Rs 450.00 and Rs 415.00 respectively. The current market cap of the company is Rs 4160.85 crore.

The promoters holding in the company stood at 60.58% while Institutions and Non-Institutions held 36.09% and 3.33% respectively.

Sobha Developers has sold property worth Rs 1,540 crore during first nine months of this fiscal, a growth of 24.49% as compared to Rs 1,237 crore in the year-ago period on increase in volumes as well as realisation.

In volume terms, the company sold 2.68 million sq ft of new space during April-December period, as against 2.42 million sq ft in the corresponding period of previous year. Average sales realisation also improved by 12% at Rs 5,738 per sq ft against Rs 5,110 a sq ft during the period under review.

Recently, the company, on consolidated basis, posted growth of 6.05% in its net profit at Rs 5.26 crore for the third quarter as compared to Rs 4.94 crore for the same quarter in the previous year. Total income of the company increased by 37.40% at Rs 429.80 crore for quarter under review as compared to Rs 312.80 crore for the quarter ended December 31, 2011. 

Sobha has presence in seven cities -- Bangalore, Gurgaon, Chennai, Pune, Coimbatore, Mysore and Thrissur. It has completed 83 projects aggregating to 20.78 million sq ft of saleable area and is presently developing 43 projects with 17.4 million sq ft of saleable area.


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