DLF shares rose 7% in Monday's trade after the realty major announced it has sold 376 ready-to-move-in luxury flats worth Rs 700 crore on the first day of the launch of its new housing project in Gurugram.
Reacting to the latest sales revenue earned, DLF shares climbed 4.23% with the opening bell against the last closing price of Rs 145.55 on the BSE. It later rose 6.9% intraday to Rs 155.6, growth in line with real estate sector that has gained 2.74% intraday on BSE. As per the market depth chart on BSE, there is 84% bidding in the stock against 18% selling.
A total volume of 5.5 lakh and 108 lakh shares currently change hands on the counters of both the bourses, BSE and NSE, respectively.
Although the stock value has degraded 12% year-to-date and 6% in the last month, it has regained 8.34% value in the last week. DLF stock trades higher than its 5-day moving average but lower than 20, 50, 100 and 200-day moving averages
The commercial real estate developer on October 13 said that the company has sold 376 ready-to-move-in luxury flats worth Rs.700 cr on the 1st day of the launch in Gurugram, even as the overall property market is facing a demand slowdown.
"DLF took bookings worth more than Rs 700 cr on the first day itself. 376 units were allotted which accounts to more than 75% of the total 504 units," the company said.
The bookings were registered on the first day earlier this week, in the second phase of its luxury residential project Ultima in New Gurugram, which comprises of ready-to-move-in 3-4 bedroom apartments priced at Rs 1.6 crore onwards. Ultima's first phase was launched around 2013 with 400 units.
DLF's Executive Director Aakash Ohri, DLF Home Developers Ltd said, "We are humbled and overwhelmed by the response to "The Ultima" and added,"This immense response is a testimony of the brand value of DLF."
According to a presentation, DLF's net sales bookings stood at Rs 705 crore in the June quarter. DLF has set a sales target of Rs 2,700 cr for 2019-2020.
As of 1245 IST, shares of DLF rose 7.21% to Rs 156.05 on the BSE.
By Rupa Burman Roy