Sobha slipped 1.45% to Rs 583, as the stock took a breather after advancing continuously in the past two sessions.
During the said period, the stock had gained 2.57% to end at Rs 591.55 on the BSE yesterday.
In the past one year, the stock has declined by 21.06% while the benchmark Sensex has added 5.50% during the same period.
On the technical front, the stock's daily RSI (relative strength index) stood at 50.125. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On daily chart, the stock is trading below its 100-day and 200-day simple moving average (SMA) placed at 576.75 and 576.75, respectively. It is, however, currently trading above its 50-day SMA positioned at 576.75.
In an exchange filing made after market hours yesterday, the real estate developer has informed that India Ratings and Research has affirmed the company's long-term issuer rating at 'IND AA-' with 'stable' outlook.
Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes.
The real estate company's consolidated net profit tumbled 47.9% to Rs 31.80 crore in Q3 FY23 as against Rs 61 crore posted in Q3 FY22. Net sales stood at Rs 868.20 crore in the quarter ended 31 December 2022, recording a growth of 39.5% from Rs 622.30 crore reported in the same period last year.
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