Sobha ltd Block Deal: Sobha shares fall over 4% amid block deal
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Shares of realty firm Sobha fell 4.5% to Rs 1,779 in Friday's trade on the BSE following reports of a block deal. While the buyers and sellers in the transaction are not confirmed, media reports suggested that Anamudi Real Estate LLP, wholly owned by the Godrej family, is likely to sell 5% of its 9.9% stake in Sobha through block deals. At 10:13 am, Sobha shares were trading nearly 3.2% lower at Rs 1,803 on the BSE. Despite this dip, the stock has surged 190% over the past year and more than 80% year-to-date. In comparison, the BSE Sensex has delivered returns of around 21% over the past year. According to Trendlyne data, the target price for the stock is Rs 1,804. The consensus recommendation from 15 analysts for the stock is a 'Hold'. In technical terms, the relative strength index (RSI) of the stock is currently at 45.2. An RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. Additionally,...