Sobha Developers8217; stock price target cut

Enam Securities has cut the stock price target for Sobha Developers to Rs 313 from Rs 324,but maintained a buy rating despite a slippage in sales volumes.

In a note,the brokerage said slippage in sales volumes and higher costs and taxes shall result in a 10 percent decrease in FY11 profits. However,increase in land prices and realisations in Bangalore shall compensate in the medium term,it said.

At 2.10 p.m.,shares of the company were down 1.28 percent at 255.05 rupees.