Sobha Limited share price jumped as much as 3.71 per cent in the early trade on Tuesday after the company announced that it will consider buyback of shares this week.
At 10.00 am, shares of Sobha were trading 1.76 per cent up at Rs 308.60. The scrip opened at Rs 309.10 and has touched a high and low of Rs 314.50 and Rs 305.65, respectively, in trade so far. Later, the scrip ended 0.73 per cent up at Rs 305.45.
In a BSE filing, the real estate developer said, “The board will consider a proposal for buyback of equity shares of the company at their meeting scheduled on May 19, 2016.”
The board of the company will also consider company’s financial results and dividend on Tuesday.
In the past one year, shares of Sobha slid 22 per cent till May 16 while the BSE Sensex plunged 7.35 per cent during the same period.