DLF bucks weak market trend

DLF rose 3.69% to Rs 162.85 at 14:46 IST on BSE on bargain hunting after the company issued clarification to the stock exchanges.

Meanwhile, the S&P BSE Sensex was down 348.92 points, or 0.97% to 35,676.62.

On the BSE, 8.28 lakh shares were traded in the counter so far compared with average daily volumes of 4.51 lakh shares in the past two weeks. The stock had hit a high of Rs 167.50 and a low of Rs 158.50 so far during the day. The stock hit a 52-week high of Rs 265 on 1 February 2018. The stock hit a 52-week low of Rs 141.20 on 19 October 2018.

Shares of DLF tumbled 11.50% to Rs 157.05 on Friday, 25 January 2019.

With reference to news item quoting, "DLF cracks 5% after CBI raids offices", DLF clarified to the stock exchanges on 25 January 2019 that officers from Central Bureau of Investigation (CBI) had visited two of the company's offices on 25 January 2019, as well as those of several other developers/colonizers, with respect to an old case, pertaining to a land acquisition matter. DLF said it extended full cooperation to the visiting teams and provided them with all the information as requested by them. The CBI teams left the firm's offices by late afternoon on 25 January 2019. This is an investigation with respect to acquisition of approximately 1400 acres of land in certain Sectors of Gurugram, of which only one license of 6.25 acres pertains to one of DLF's subsidiary. It might also be pointed out that DLF has no operating or launched projects in any of its lands which are under investigation in the current case. DLF said it is fully confident of the facts and merits of its case and will extend full cooperation to the authorities.

On a consolidated basis, net profit of DLF surged 2,535.66% to Rs 373.21 crore on 34.72% rise in net sales to Rs 2139.03 crore in Q2 September 2018 over Q2 September 2017.

DLF's primary business is development of residential, commercial and retail properties.

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