DLF gains after selling shopping mall in Delhi

DLF rose 1.76% to Rs 106.90 at 10:21 IST on BSE after the company's board of directors approved sale of a shopping mall at Saket, Delhi, along with land parcel on which the mall is situated.

The announcement was made after market hours yesterday, 17 March 2016.

Meanwhile, the S&P BSE Sensex was up 137.44 points or 0.54% at 24,811.01

On BSE, so far 3.57 lakh shares were traded in the counter as against average daily volume of 17.46 lakh shares in the past one quarter. The stock hit a high of Rs 108 and a low of Rs 106.50 so far during the day. The stock had hit a 52-week high of Rs 169.15 on 6 April 2015. The stock had hit a record low of Rs 72.50 on 12 February 2016. The stock had outperformed the market over the past one month till 17 March 2016, gaining 18.7% compared with 5.54% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, sliding 8.89% as against Sensex's 4.37% fall.

The large-cap company has equity capital of Rs 356.72 crore. Face value per share is Rs 2.

DLF said that based on the recommendations/approval of Audit Committee, the board of directors of the company at its meeting held yesterday, 17 March 2016 approved sale of 'DLF Place, Saket', a shopping mall, having built up area of about 5.16 lakh square feet along with land parcel on which the mall is situated, to Nambi Buildwell, a wholly-owned subsidiary of the company on arm's length basis for an aggregate consideration of Rs 904.50 crore. This is in line with the strategy to structure ownership of existing assets in order to facilitate potential monetization either through Real Estate Investment Trust (REITs) or otherwise in future, subject to necessary regulatory and statutory approvals, DLF said.

Meanwhile, the company's board of directors also declared an interim dividend of Rs 2 per share for the year ending 31 March 2016.

DLF's consolidated net profit rose 24.4% to Rs 163.95 crore on 43.3% rise in total income to Rs 2980.73 crore in Q3 December 2015 over Q3 December 2014.

DLF is one of the biggest real estate development companies in India. DLF is primarily engaged in the business of development and sale of residential properties and the development and leasing of commercial and retail properties.

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