🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Realty stock jumps 7.5% after company sets record date for rights issue

Published 13-06-2024, 03:25 pm
Realty stock jumps 7.5% after company sets record date for rights issue
SOBH
-

The share price of this Real Estate firm gained by 7.5 percent to an Intraday high of Rs 2,219 per share on Thursday after the company approved equity shares through rights issues.

With a market capitalization of Rs 19,575 crores, at 2:00 pm ., the shares of Sobha (NS:SOBH) Ltd moved up around 5 percent, trading at Rs 2,160 a piece on Thursday’s afternoon session. Comparing today’s high of Rs 2,219 per share and to a previous close of Rs 2,063 per share, the shares surged by 7.5 percent.

Is Sobha Ltd a buy or sell? Click here to get an InvestingPro subscription for a special discount of 72% at an unbelievable price of only Rs 196 per month

The above link works best from a laptop/desktop and not apps.

According to the company’s stock exchange filings, the board of directors of the company approved the proposal of equity shares of the Company by way of rights issue to the eligible equity shareholders of the Company.

The company intends to raise funds of up to Rs 2,000 crores through a Rights issue. A total of 12,107,981 Rights equity shares will be issued at a price of Rs 1,651 per share. The record date for this issuance of equity shares is set for Wednesday, June 19, 2024.

As for the financials of Sobha Ltd, On a year-on-year basis, the revenue from operations decreased by 6.4 percent from Rs. 3,310 crores in FY22-23 to Rs 3,097 crores in FY23-24. Also, the net profits of the firm decreased by 52.8 percent from Rs. 104 crores in FY22-23 to Rs 49 crores in FY23-24.

Comparing a few metrics, the net operating cash flow rose by 3 percent from Rs 1,056 crores in FY23 to Rs 1,090 crores in FY24. The net debt tumbled by 23 percent from Rs 1,640 crores to Rs 1,262 crores, along with the EBITDA down by 14 percent from Rs 462 crores to Rs 398 crores, all for the same time period.

The stock of this company generated multi-bagger returns of 284.94 percent over the past one year and 121.85 percent over the past 6 months.

As of March 2024, the firm’s shareholding pattern stood at 52.28 percent for promoters, 18.29 percent for the public, 11.88 percent for foreign institutional investors, and 17.55 percent for domestic institutional investors.

Sobha Limited, incorporated in 1995, is a real estate developer engaged in the construction to operations of townships, housing projects, commercial premises, and other related activities.

Introducing InvestingPro

Through InvestingPro, you can beat the markets with premium insights:

  • Find Undervalued/Overvalued Stocks: Reveal the unbiased Fair Value of any stock based on 1,200+ premium metrics, covering 180,000+ companies worldwide.
  • Instant Financial Bottom Line: Make fully-informed investing decisions with ProTips, bite-size insights that flag risks and rewards on any stock.
  • Discover Overlooked Stocks With Pre-Built Screeners: Find the ideal value stocks to match your investing style, all based on 100% trusted data.
  • Get AI-Enhanced Stock Picks: Receive regularly updated ProPicks for any investing strategy, each with a proven track record to beat the S&P 500
  • Boost Your Picks with Data: Instantly see a company's long-term sustainability and Financial Health to know if it's truly a solid investment.
  • Always Pick the Winner: Make instant Peer Comparisons based on over a dozen valuation benchmarks to ensure you always select a top dog.
  • Get Ideas From Top-Performing Portfolios: See the investments of any firm, fund or private investor with over $100 million in holding assets to discover new ideas.

Now, coming to the great news! For the benefit of our users, we have reduced the prices on all of our Pro and Pro+ plans by almost 72% for a limited period.

Click here to get an InvestingPro subscription for a special discount of 72% at an unbelievable price of only Rs 196 per month

The above link works best from a laptop/desktop and not apps.

Written By Zahal

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Realty stock jumps 7.5% after company sets record date for rights issue appeared first on Trade Brains.

Read More

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.