Shares of real estate developer Sobha fell 8.7% to Rs 380 on BSE in early morning trade after the promoter Sobha Menon sold four million shares or 4.15% stake in the company through open market transaction.
Shares of real estate companies were in focus and rallied by up to 20% on the BSE in intra-day trade. Sobha, Vipul, Sunteck Realty, Oberoi Realty, Dilip Buildcon and Delta Corp were up more than 5% each.
Bengaluru-based realtor Sobha Ltd said its fourth quarter profits dropped 41.3 per cent to Rs 36.1 crore on higher provisioning for taxes, while revenue grew 9.66 per cent to Rs 558.5 crore on better sales of its properties.
Realty player Sobha Ltd said second quarter profits declined 34.8 per cent to Rs 38.8 crore as sales of new apartments reduced in a slowing real estate market. Revenue declined 32.8 per cent for the quarter.
Sobha’s June quarter operational performance was disappointing, with new sales up five per cent over a year to Rs 504 crore and volumes up 11 per cent to 0.84 million square feet. On a sequential basis, this revenue number was down 20 per cent.
Shares of Sobha has dipped 6% to Rs 385 on the BSE after reporting a 12% decline in year-on-year (yoy) consolidated net profit at Rs 61.50 crore for the quarter ended March 2015 (Q4), due to poor sales.
Sobha Limited, the Bengaluru-based property developer, will be offering a returnee internship programme in association with JobsForHer, a connecting portal for women looking to return to work after a break.
Shares of real estate companies were trading higher on the bourses on media reports that the Union government cleared amendments to the Real Estate (Regulation and Development) Bill, 2013, paving the way for legislation on regulators for the sector.
The December quarter has been a disappointing one for realty player Sobha, recording its weakest sales for a quarter in three years. It reported new sales of 0.66 million sq ft, down 11 per cent over a year, and 21 per cent on a sequential basis.