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DLF share climbs over 3% after CLSA raises target price

BusinessToday.In     December 10, 2020

DLF share price rose over 3% today after brokerage CLSA gave a buy call and raised target price of the stock. The brokerage raised its target price to Rs 255 from Rs 205. The stock has gained 4.07% in the last 2 days.

DLF share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The real estate share rose up to 3.3% to Rs 219 against previous close of  Rs 212 on BSE. The share has gained 0.67% in one year and fallen 5.48% since the beginning of the year.

In a month, the share has gained 21%. Later, the share ended 2.74%  higher at Rs 217.85 on BSE. Market cap of the firm rose to Rs 52,612 crore.

CLSA said DLF launched its independent floors project in Gurgaon in third quarter of FY21 and sold inventory worth Rs 350 crore. It has series of new launches planned over next 2-3 years which, along with ready inventory of Rs 6,600 crore, may drive significant presale growth.

DLF has sold nearly 90 independent floors worth over Rs 300 crore in Gurugram and plans to launch more such projects as demand for premium residential properties has revived in last few months. The company plans to launch independent floors in DLF Phase I-IV at Gurugram, New Gurugram and Panchkula among others.

DLF reported a 48% decline in its consolidated net profit at Rs 232.14 crore in Q2 against net profit stood of Rs 445.83 crore in the year-ago period. Total income fell to Rs 1,723.09 crore in Q2 from Rs 1,940.05 crore in the corresponding period of the previous year. DLF's net debt stood at Rs 5,215 crore at the end of the September quarter.

DLF sells nearly 90 independent floors worth Rs 300 crore in Gurugram

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