Sobha ended at new closing high after break out of downward sloping resistance trendline, and formed long bullish candlestick pattern on the daily timeframe with above average volumes.
Hybrid funds invest in both equity and debt with the goal of balancing risk and reward, and optimizing investment returns. The tax treatment of equity-oriented hybrid schemes is similar to that of equity schemes
Post the earnings, brokerage Citi is overweight on PSU Utilities & Defence, Industrials, Banks/Insurance and underweight on Consumer Discretionary, IT Services, and Metals. Its December 2024 NIFTY target is 22.5k, which indicates a 2 percent upside.
A total of 12,935 units were sold in 2023 against 7,395 in 2022, as large developers such as DLF, Sobha, Lodha, TARC, Max launched and sold apartments in this price bracket and beat the annual guidance.
Sobha explains that the revenue and margin pressure is due to the completion of pre-Covid projects. The company expects an uptick in revenue and margin percentages as the pace of deliveries increases. The focus on cash flow management helps maintain positive net cash flow and a low net debt to equity ratio.