DLF opens in green, moves into red
DSIJ Intelligence / 28 Aug 2017
Even though real estate major DLF opened Monday’s trading session with gains of nearly 3%, it has moved into the red.
Even though real estate major DLF opened Monday’s trading session with gains of nearly 3%, it has moved into the red. Profit booking has dragged the stock from its morning gains after the stock rallied by nearly 9% in the past three trading sessions.
The Noida-based company signed an agreement on Saturday with Reco Diamond, an affiliate of GIC Real Estate, Singapore, to sell the stake in its rental unit, DLF Cyber City Developers Ltd. (DCCDL). The transaction envisages an enterprise value of Rs 35,617 crore for DCCDL. Post the completion of series of steps as contemplated in the transaction, DLF shall hold 66.66% equity shares in DCCDL.
CLSA has given ‘sell’ advice for the stock for a target price of Rs 139. It said the deal valuation to sell the stake in the rental arm was in-line with estimates and added that there is no immediate upside, but earnings per share EPS may rise 5-10% post the infusion.
Meanwhile, Nifty was trading at the 9,912 level, up by 55 points, while the Sensex was trading at the 31,765 level, up by 169 points as of 1023 hours.
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