Sobha shares fell 1.45% to Rs 583 as the stock ended, progressing continuously in the earlier two sessions. The stock had grown 2.57% during the period, ending at Rs 591.55 on the BSE yesterday.

Shares fell by 21.06% in the earlier year, while the standard Sensex added 5.50% during the same period.

On the practical front, the stock’s daily RSI (relative strength index) mounted at 50.125. The RSI fluctuates between zero and 100. Usually, the RSI is reflected as overbought when above 70 and overvalued when below 30.

On the daily chart, the stock is dealing below its 100-day and 200-day Simple Moving Average (SMA), sited at 576.75 and 576.75, respectively. It is now trading above its 50-day SMA, positioned at 576.75.

In yesterday’s exchange filing completed after market hours, the real estate developer has knowledgeable that India Ratings and Research has confirmed the company’s long-term issuer rating at ‘IND AA-‘ with a ‘stable’ viewpoint.

Sobha is chiefly engrossed in residential and contractual missions. Its residential projects comprise presidential apartments, villas, row houses, super luxury & luxury apartments, plotted expansions, and aspirational homes.

The real estate company’s combined net profit stumbled 47.9% to Rs 31.80 crore in Q3FY23, contradicting Rs 61 crore posted in Q3FY22. Net sales mounted at Rs 868.20 crore in the quarter that ended December 31, 2022, witnessing a growth of 39.5% from Rs 622.30 crore stated in the same period last year.