Mid Cap Real Estate Stock Sets Record Date For Dividend, Buy For 27% Likely Return

Mid cap stock operating in Real Estate sector, Sobha Limited on July 1 fixed July 28, 2023 as the record date for 30% dividend. Meanwhile, ICICI Direct, in its report dated June 1, 2023, recommended buy call to Sobha Limited shares with target price of Rs 680 apiece. Current market price of Sobha Limited stock is Rs 536.90 apiece on BSE as of June 30, 2023. If you buy Sobha Limited share at the last trading price of Rs 536.90 per share, you can get potential return of 27%, states ICICI Direct. Check details below:

Sobha Limited Declares Record Date For Dividend: According to the BSE filing of Sobha Limited, "The Company has fixed Record Date on Friday, July 28, 2023, for the purpose of determining entitlement of the members of the Company to receive Dividend of Rs. 3/- (30 %) per equity share having face value of Rs. 10/- each fully paid-up for the financial year 2022-23. The said Dividend, if declared at the AGM, will be paid within statutory time period, subject to deduction of tax at source as applicable."

Sobha Limited Stock Performance & Return: Last trading price of Sobha Limited stock is Rs 536.90 apiece on BSE. Its 52-week high price is Rs 750.00 per share and 52-week low price is Rs 412.40 apiece, respectively. The company has a market capitalisation of Rs 5092.27 crore. Sobha Limited shares delivered return of 27% in last 3-years, declined over 6% in last 1-year, offered 14% return in last 2-years, and gave 136% return in last 3-years.

Sobha Limited Valuation: According to ICICI Direct, "Sobha's share price has grown by merely 12% over the past five years given the debt and relatively muted sales momentum in the past. The consistency in sales volumes, collections and debt reduction is likely to be a key trigger for rerating. We maintain our BUY rating. We value Sobha at Rs 680/share."

Sobha Limited About: Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~7.3 mn sq feet (msf) of unsold saleable area and ongoing contractual projects aggregating to ~5.2 msf in various stages of construction. It has a real estate presence in 12 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Trivandrum, Gift City, etc.

Disclaimer: The stock has been picked from the brokerage report of ICICI Direct. The stock also fixed record date for dividend. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.