DLF soars on lending rate cut

DALAL STREET SPIKES

DLF was the largest gainer among the ‘A’ group stocks on BSE with an increase of 8.7 per cent to close at Rs 220.85; buoyed by the reduction in key lending rates by the RBI on Saturday (December 6).

By reducing the repo and reverse repo rates by 100 basis points each, the RBI has signaled that the lenders should lower their interest rates, which is likely to boost demand for new homes. The stock opened 1 per cent higher at Rs 205 (low of the day) and went on to make a high of Rs 227.25 during the day. Total quantity traded was 76,21,411 shares.