Meanwhile, the BSE Sensex was up 134.25 points, or 0.84%, to 16069.86.

On BSE, 1.04 lakh shares were traded in the counter as against an average daily volume of 1.48 lakh shares in the past one quarter.

The stock hit a high of Rs 263.80 and a low of Rs 251 so far during the day. The stock had hit a 52-week high of Rs 319.70 on 19 January 2010 and a 52-week low of Rs 73.40 on 26 February 2009.

The stock had outperformed the market over the past one month till 8 February 2010, falling 6.77% compared with the Sensex's 9.15% fall. It outperformed the market in past one quarter, rising 24.47% as against 1.38% decline in the Sensex.

The mid-cap real estate developer has an equity capital of Rs 98.06 crore. Face value per share is Rs 10.

The current price of Rs 260.40 discounts the company's Q3 December 2009 annualised EPS of Rs 16.64, by a PE multiple of 15.64.

On Monday, Sobha Developers's chairman P.N.C. Menon offloaded 40 lakh shares of the company at Rs 250.22. The reason for the stake sale is not known. Aranda Investments (Mauritius) Pte, an affiliate of Temasek Holdings, the investment arm of Singapore government, bought 38.51 lakh shares of the company at Rs 250.

According to reports, this is Temasek's first investment in the Indian real estate space.

Post-sale, chairman P.N.C. Menon holds 12.7% stake in Sobha while the total founders' stake stands at 60.5%, the company had said in a disclosure to the National Stock Exchange.

Sobha Developers' net profit surged 444% to Rs 40.80 crore on a 70.1% rise in sales to Rs 307 crore in Q3 December 2009 over Q3 December 2008.

Sobha Developers is engaged in developing and construction properties and projects. The properties include commercial, residential and office properties.

Promoters have pledged 1.07 crore shares, or 10.91% of the equity capital of the company. The total promoter shareholding in the company is 64.67% (end December 2009).