SOBHA

March 4 (Reuters) - Sobha Ltd SOBH.NS:

• SOBHA LTD - UNIT GETS TAX DEMAND FOR 44.3 MILLION RUPEES, INTEREST DEMAND FOR 24 MILLION RUPEES

Source text: ID:nBSE277zvY

Further company coverage: SOBH.NS

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** Nifty realty index .NIFTYREAL drops 3%, down for the third straight day

** In nine sessions so far in February, NIFTYREAL lost in six

** Sub-index ~27% below all-time high logged in June 2024

** On Wednesday, nine of NIFTYREAL's 10 constituents fell; Macrotech MACE.NS only stock to buck wider weakness

** Sub-index's heaviest stock DLF DLF.NS down 3.8% in fourth straight session of losses

** Prestige Estates PREG.NS top pct loser after dropping 4%, extends retreating run for eighth straight session

** Ambit Capital's Karan Khanna says, "Pace of project launches have improved so far in the quarter, but it is still lagging market expectations"

** Sobha SOBH.NS down ~12% so far this week; cut its FY25 sales growth on Friday

** YTD, NIFTYREAL's 19% drop steeper than benchmark Nifty 50's .NSEI 3% slip

(Reporting by Hritam Mukherjee in Bengaluru)

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** India homebuilder Sobha SOBH.NS falls 6.6% to end at 1,202.35 rupees, dropping for the fourth session in a row

** Sobha expects sales to be flat in FY25 vs prior view of 20% growth, it said on Friday after posting Q3 results that showed it relied on older projects for growth

** Since the results, at least 10 of 13 brokerages covering the stock have lowered their price targets, per LSEG data

** CLSA keeps "underperform", cuts PT to Street-low of 1,150 rupees saying the guidance indicates slower-than-expected new launches

** Jefferies keeps "hold", cuts PT to 1,450 rupees, saying Sobha will not meet its forecast even if launches in core market Bengaluru revives in Q4

** Motilal Oswal cuts PT to 2,058 rupees, but keeps "buy", betting on growth due to ongoing fundraising, land acquisitions

** Avg rating of analysts is "buy" and mean PT is 1850.62 rupees -LSEG data

** Sobha has lost 13.5% in 4-session losing run, while Nifty realty index .NIFTYREAL has fallen 6.8%

(Reporting by Hritam Mukherjee in Bengaluru)

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Feb 6 (Reuters) - Sobha Ltd SOBH.NS:

• GETS DEMAND ORDER FOR TAX OF 325.1 MILLION RUPEES, PENALTY OF 330.5 MILLION RUPEES

Source text: ID:nNSE7DB2F7

Further company coverage: SOBH.NS

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Feb 1 (Reuters) - Shares of Indian real estate companies rose on Saturday after the government announced measures to boost the spending power of the middle class in Asia's third-biggest economy, likely spurring investments in the residential housing space.

India's plan to cut income tax rates in the 2025-26 budget was widely welcomed by investors and experts, as it boosts disposable income in a country grappling with sluggish consumption in recent quarters.

The Nifty realty index .NIFTYREAL rose 3.3% and was set for its best day in nearly eight months.

Eight of the ten members in the sub-index were trading higher, with realtors Prestige Estates PREG.NS, DLF DLF.NS and Sobha SOBH.NS climbing between 2% and 6%.

"This move is expected to strengthen demand for affordable housing," said Anuj Puri, chairman of ANAROCK Group.

Middle-class homebuyers, landlords, and investors can now benefit from reduced tax liabilities, better affordability, and fewer compliance hassles, Puri added.

Badal Yagnik, CEO of Colliers India, also echoed the sentiment and said the rationalization of taxes and enhancement of exemption limits can boost disposable income, spurring consumption levels and real estate investments, particularly in residential real estate and alternate financial instruments such as REITs.

The government also made room for homeowners to claim two self-occupied properties as tax-free, as compared to only one earlier, a move likely benefiting residential real estate investment.

This step minimizes tax pressures, promotes homeownership, and facilitates real estate investment, especially in second homes and Tier 2 and 3 cities, Puri said.

Other consumption-linked sectors were also trading higher on the day after the cut to income tax.

(Reporting by Indranil Sarkar and Kashish Tandon in Bengaluru; Editing by Eileen Soreng)

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Jan 30 (Reuters) - Sobha Ltd SOBH.NS:

• GETS TAX ORDER FOR 14.1 MILLION RUPEES, PENALTY 93.5 MILLION RUPEES

Source text: ID:nBSE8JqPlY

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** Shares of Sobha SOBH.NS fall 2.6% to 1,474.8 rupees

** Stock top loser on Nifty Realty Index .NIFTYREAL, which is down 0.72%, with 9 out of its 10 constituents trading in the red

** The property developer said on Tuesday its total sales value fell 29% Y/Y to 13.89 bln rupees ($161.9 mln) in Q3

** Co hurt by a 39% fall in new sales area during the quarter

** 14 analysts covering the stock on avg have a "buy" rating; median PT is 2,025 rupees - data compiled by LSEG

** SOBH gained 64% in 2024 vs a 34% rise in NIFTYREAL

($1 = 85.8200 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of Sobha Ltd SOBH.NS rise 1.3% to 1,536 rupees

** Investec initiates coverage on SOBH with 'buy', sets PT of 2,150 rupees ($25.45)

** Brokerage says strong project pipeline to drive pre-sales; expects annual launches to grow over next 2 years

* Adds, co has significantly reduced debt over the last 3 years and has been outperforming peers

** More than 291,000 shares change hands, 1.6x the 30-day avg

** 14 analysts covering the stock on avg have a "buy" rating; median PT is 2,025 rupees - LSEG data

** Stock up 60% YTD

($1 = 84.4925 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

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Nov 14 (Reuters) - Sobha Ltd SOBH.NS:

• SEPT-QUARTER CONSOL NET PROFIT 260.9 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 9.34 BILLION RUPEES

• APPROVED ISSUANCE OF NCDS WORTH UP TO 4 BILLION RUPEES

Source text: ID:nBSE4lQjzG

Further company coverage: SOBH.NS

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Nov 8 (Reuters) - Sobha Ltd SOBH.NS:

• SOBHA - TO CONSIDER PROPOSAL FOR FUND RAISING BY ISSUANCE OF NON-CONVERTIBLE DEBENTURES

Source text: ID:nBSE2wRGlL

Further company coverage: SOBH.NS

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Oct 15 (Reuters) - Sobha Ltd SOBH.NS:

• SOBHA - NATIONAL STOCK EXCHANGE OF INDIA ISSUED AN ADVISORY LETTER

Source text for Eikon: ID:nBSE1nvXRh

Further company coverage: SOBH.NS

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** Shares of property developer Sobha SOBH.NS fall 2.9% to 1,693 rupees

** Co on Monday said in its Q2 total sales value fell 31.6% Y/Y

** Adds, Q2 total new sales amounted to 929,907 sq ft, down from 1.69 mln sq ft a yr earlier

** SOBH top loser on the Nifty realty index .NIFTYREAL, down 0.6%

** Stock set to extend losses for an eighth straight session

** Stock gained ~76% YTD vs ~30% jump in NIFTYREAL

(Reporting by Yagnoseni Das in Bengaluru)

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Oct 7 (Reuters) - Sobha Ltd SOBH.NS:

• Q2-FY25 SALES VALUE OF 11.79 BN RUPEES

• Q2 AVERAGE PRICE REALIZATION AT 12,674 RUPEES/SFT

Source text for Eikon: ID:nBSE354xqP

Further company coverage: SOBH.NS

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** Shares of real estate developer Puravankara PURA.NS up 4.1%

** Bengaluru-based co on Thursday said it won redevelopment rights of a luxury society project in Mumbai, measuring 2,000 square meters land

** PURA shares are up ~ 142% YTD, top gainer among peers

** YTD, DLF DLF.NS up 18%, Godrej Properties GODR.NS up 43%, Prestige Estate PREG.NS up 59%, Sobha SOBH.NS up 87%, and Brigade Enterprises BRIG.NS up 47%

** Nifty realty index .NIFTREAL is up 34% YTD

(Reporting by Sethuraman NR in Bengaluru)

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Aug 8 (Reuters) - Sobha Ltd SOBH.NS:

• SOBHA Q1 CONSOL PROFIT 60.6 MILLION RUPEES

• SOBHA Q1 CONSOL REVENUE FROM OPERATIONS 6.40 BILLION RUPEES

Source text for Eikon: ID:nnAPN1Z0BYT

Further company coverage: SOBH.NS

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Updates

** India's Nifty realty index .NIFTYREAL adds ~1.5%, extends gains into second straight session

** India eases new property tax rules to now allow individuals to also opt for property sales with indexation benefits, or for new rule of sales without indexation benefits

** Before the 2-day rally, realty stocks slid ~9% in 10 sessions since new rule was made mandatory in budget on July 23

** The rally cuts losses since budget day to ~7%, while benchmark Nifty 50 .NSEI has dropped ~1%

** All 10 realty index members trading higher, led by DLF's DLF.NS 2.7% increase

** "Move offers flexibility to property sellers and is likely to stimulate investment and sales in the housing market by potentially reducing the tax burden on sellers," says Shishir Baijal, chairman and managing director at Knight Frank India

(Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru)

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** Shares of property developer Sobha SOBH.NS drop as much as 4.5% to 1,778.75 rupees, last down 3.4%

** SOBH only loser on Nifty realty index .NIFTYREAL, which is up 1.5%

** More than 158,000 shares changed hands in four block deals, at 1,804.25 rupees-1,828 rupees a share - LSEG data

** The range is at a discount to SOBH's last close of 1,862.45 rupees

** Anamudi Real Estates launched a $99 mln block in SOBH, with up to 4.74 mln shares on offer, IFR reports

** Anamudi, SOBH did not immediately respond to Reuters' requests for comment

** Trading vols near 5x 30-day avg

** Stock has surged ~88% YTD vs NIFTYREAL's 38% jump

(Reporting by Hritam Mukherjee in Bengaluru)

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** India's Nifty realty index .NIFTYREAL extends gains, last up 1%

** India will allocate 10 trln rupees ($119.6 bln) for urban housing, Finance Minister Nirmala Sitharaman announced in union budget 2024/25

** Top pct gainers on index - Oberoi Realty OEBO.NS, Sobha SOBH.NS and Prestige Estates Projects PREG.NS

($1 = 83.6410 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of property developer Godrej Properties GODR.NS rise 3.6% to 3,272 rupees

** Co sells over 2,000 homes worth over 31.50 bln rupees ($377.1 mln) at the launch of its project in Bengaluru

** Co adds this is its most successful launch in terms of value and volume of sales achieved

** Stock among top gainers in Nifty realty index .NIFTYREAL, which is up 1.3%

** Peers Brigade Enterprises BRIG.NS and Sobha SOBH.NS up 2.2% and 4% respectively

** Godrej, rated "buy" on an average, is currently trading higher than median TP of 2,691 rupees of 16 analysts covering the stock - LSEG data

** Stock has risen 62.5% YTD, while BRIG rose ~54% and Sobha ~107%

($1 = 83.5225 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

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** India's Nifty realty index .NIFTYREAL sheds ~3%, eyes worst day since June 4

** NIFTYREAL set to snap three straight sessions of gains if trends hold, among eight sub-indexes falling on the day

** Reuters could not immediately determine the reason behind the day's move

** Broader benchmarks gain between 0.3% and 0.6% .BO

** All except Sunteck Realty SUNT.NS in ten-member NIFTYREAL logging declines

** Heaviest stock on the index - DLF DLF.NS - set to break nine-session gaining run, last down 2.1%

** Brigade Enterprises BRIG.NS, Sobha SOBH.NS, Prestige Estates Projects PREG.NS - top three pct losers on the index

** BRIG, SOBH, PREG shed between 3.4%-3.7%

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Sobha Ltd SOBH.NS rise as much as 7.6% to 2,220 rupees

** Real estate developer on Wednesday set price for rights issue at 1,651 rupees per share, a 20% discount to last closing price

** SOBH shareholders to get 6 rights equity shares for every 47 shares held; rights issue to open on June 28

** Stock top gainer on Nifty Realty .NIFTYREAL index, which is up 1.5%

** Ten analysts tracking SOBH rate it "hold" on avg, in-line with three other stocks on 10-member realty index - LSEG data

** SOBH more than doubled in value this year, top gainer among realty shares

(Reporting by Nandan Mandayam in Bengaluru)

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June 12 (Reuters) - Sobha Ltd SOBH.NS:

• APPROVED RIGHTS ISSUE PRICE OF 1651 RUPEES PER SHARE

Further company coverage: SOBH.NS

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** Shares of Indian property developer Sobha SOBH.NS down 4.9% after falling as much as 5.7% earlier in the session

** Stock set to fall for second straight session after results came post-close on Friday, co lost 1.7% in special Saturday session

** SOBH among top losers on Nifty realty index .NIFTYREAL

** Co's Q4 consol net profit tumbled ~86%, revenues dropped 37% on weak sales in mainstay market - Bengaluru

** Co forecast full-fiscal 2025 sales at 85 billion rupees ($1.02 billion) which analysts found "conservative"

** At least two brokerages downgraded the stock after results

** Average rating of 12 analysts is "buy"- LSEG data

** YTD, SOBH has surged 76.5% vs a 27.7% gain in Nifty realty

($1 = 83.3275 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

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BENGALURU, May 17 (Reuters) - Indian real estate developer Sobha SOBH.NS reported a near 86% tumble in fourth-quarter profit on Friday, hurt by weak sales in its mainstay Bengaluru market.

Overall housing sales in Bengaluru dipped 2% during the January-March period, in contrast to other top seven cities, a report by real estate consultancy firm Knight Frank showed.

Bengaluru sales accounted for 78% of the company's total sales in the reported period.

During the quarter, the total areas sold by the company reached a 1.5-year low, which drove its consolidated revenues down 37% to 7.63 billion rupees ($91.6 million).

Net profit for the Bengaluru-based firm dropped to 70.3 million rupees in the quarter ended March, from 485.8 million rupees a year ago.

The decline marked the seventh quarter of lower profit in the last ten quarters for the company.

Sobha, which has gained 89% to date this year compared to a 27.3% gain in the Nifty realty index .NIFTYREAL, ended Friday 8.4% higher ahead of results.

($1 = 83.2990 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Vijay Kishore)

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April 4 (Reuters) - Sobha Ltd SOBH.NS:

• Q4 FY24 SALES CLOCKING A VALUE OF 15.04 BILLION RUPEES

Source text for Eikon: ID:nNSEGYb0x

Further company coverage: SOBH.NS

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April 2 (Reuters) - Sobha Ltd SOBH.NS:

• UNIT ENTERED INTO A SHARE PURCHASE AGREEMENT WITH BNB BUILDERS

• DEAL FOR 295 MLN RUPEES

• AGREEMENT TO ACQUIRE 100% EQUITY SHARES OF BNB BUILDERS

Further company coverage: SOBH.NS

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April 1 (Reuters) - Sobha Ltd SOBH.NS:

• SOBHA LTD - GETS DEMAND NOTICES FOR 131.2 MILLION RUPEES AND 326.8 MILLION RUPEES

Source text for Eikon: ID:nBSE1K1c8W

Further company coverage: SOBH.NS

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** Nifty Realty index .NIFTYREAL up 1.2%, gained more than 7% in past four sessions

** Data shared by property consultancy firm ANAROCK shows India's housing sales in Jan-March quarter rose 14%

** The quarter recorded highest sales in last decade amid rise in demand for high-ticket priced homes - ANAROCK Chairman Anuj Puri

** Swan Energy SWAN.NS, Oberoi Realty OEBO.NS, Prestige Estates PREG.NS, Mahindra Lifespace MALD.NS up 1.7%-3.8%

** SWAN gained ~30% so far this qtr vs ~6% and 4% rise in OEBO and MALD, respectively, PREG up marginally

** All stocks on .NIFTYREAL are trading in green

(Reporting by Manvi Pant in Bengaluru)

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** Shares of real estate developer Sobha SOBH.NS rise as much 13.1% to 1,415 rupees, biggest pct gain since Jan. 4

** Reuters could not immediately ascertain the reason for the stock move

** More than 977,000 shares change hands, 2.8x its 30-day avg; eyes most active trading session since Jan. 12

** Average rating of 12 analysts covering the stock is "buy"; median PT is 1,390 rupees - LSEG data

** SOBH trading above its 200-day simple moving avg since Aug. 16

** Stock up over 42% in March qtr, eyes best quarterly gain since Sept. 2021

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of real estate developer Sobha SOBH.NS fall as much as 8.2% before trimming some losses; last down 4.2%

** SOBH top loser on Nifty realty index .NIFTYREAL which is down 0.6%

** SOBH reports a more than 50% YoY slump in Q3 profit, while revenue decreased 21%

** Stock among 7 Nifty realty constituents with avg rating of 'buy' - LSEG

** Stock up 41.4% YTD vs 11.8% rise in Nifty realty index

(Reporting by Rama Venkat in Bengaluru)

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