DLF gained 3.88% to Rs 115 at 12:41 IST on BSE after the realty major filed an appeal with SAT challenging a ban imposed by Sebi from tapping securities markets for three years.
Meanwhile, the BSE Sensex was up 360.91 points, or 1.38%, to 26,469.44
On BSE, so far 28.39 lakh shares were traded in the counter, compared with an average volume of 16.24 lakh shares in the past one quarter.
The stock hit a high of Rs 115.95 and low of Rs 108.15 so far during the day. The stock hit a 52-week high of Rs 242.80 on 9 June 2014. The stock had hit a record low of Rs 100 on 16 October 2014.
The stock had underperformed the market over the past one month till 17 October 2014, falling 34.54% compared with Sensex's 1.96% fall. The scrip had also underperformed the market in past one quarter, sliding 50.17% as against Sensex's 2.14% rise.
The large-cap company has an equity capital of Rs 356.39 crore. Face value per share is Rs 2.
DLF on Friday, 17 October 2014 approached the Securities Appellate Tribunal (SAT) to challenge a Securities and Exchange Board of India (Sebi) order barring it and its six top executives from securities markets for three years. The announcement was made after market hours on Friday, 17 October 2014. The first hearing on the appeal will take place on Wednesday, 22 October 2014.
Shares of DLF had dropped 28.46% in a single trading session to settle at Rs 104.95 on 14 October 2014. Sebi had notified on 13 October 2014, that it has barred realty major DLF as well as its top executives, including chairman and main promoter K P Singh, from buying, selling or otherwise dealing in securities, directly or indirectly, in any manner, whatsoever, for 3 years. However, the regulator did not impose any monetary penalty. The regulatory action stemmed from the DLF management's failure to disclose material information to investors during the firm's initial public offer (IPO) in 2007. DLF's IPO in 2007 had fetched Rs 9187 crore -- the biggest IPO in the country at that time.
Besides K P Singh, those barred from the markets included his son Rajiv Singh (vice chairman), daughter Pia Singh (whole time director), managing director T C Goyal, former CFO Ramesh Sanka and Kameshwar Swarup, who was executive director (legal) at the time of the company's public offer in 2007.
After its over four-year-long probe, Sebi found that a case of active and deliberate suppression of any material information so as to mislead and defraud the investors in the securities market in connection with the issue of shares of DLF in its IPO is clearly made out in this case.
In his 43-page order, Sebi's whole-time member Rajeev Agarwal also said that violations are grave and have larger implications on safety and integrity of the securities market.
On a consolidated basis, DLF's net profit fell 29.5% to Rs 127.77 crore on 24.7% decline in total income to Rs 1851.60 crore in Q1 June 2014 over Q1 June 2013.
DLF's primary business is development of residential, commercial and retail properties.
Powered by Capital Market - Live News
