was trading higher for the third straight day, up 3 per cent at Rs 231 on the NSE. The stock real estate developer hit 22-month high and trading at its highest level since February 2018. The market value of DLF
has zoomed 62 per cent from its October lows of Rs 142, against 8 per cent rallied in the benchmark index. The stock was included in the MSCI Global Standard Index with effect from November 26, 2019.
DLF posted positive pre-sales trajectory for a second consecutive quarter across the development portfolio, settlement of DLF Cyber City Developers Limited (DCCDL) dues and strong lease rental momentum.
While announcing Q2 results on November 7, the management said the development business has been performing well, and achieved net sales of Rs 725 crore in Q2, and expects this momentum to sustain. Pursuant to the settlement of inter-company payables, the net debt for the company stood at Rs 4,461 crore at the end of the quarter. We are committed to reducing it in the near term, it added.
“DLF’s luxury portfolio is expected to see increased momentum in 2HFY20E. With strong balance sheet, robust lease momentum and residential pre-sales expected to pick-up in 2HFY20, DLF is well placed,” according to analysts at HDFC Securities. The brokerage firm maintains ‘buy’ rating on the stock with 12-month target price of Rs 258 per share.
Meanwhile, Christopher Wood, global head of equity strategy at Jefferies has replaced his investment in Godrej Properties with DLF. CLICK HERE TO READ FULL REPORT
As regards to Oberoi Realty, analysts at Antique Stock Broking maintain a ‘BUY’ rating with target price of Rs 630 per share, keeping in mind the impending new project launches in Thane and Goregaon and substantial progress in underconstruction annuity assets. The brokerage firm believes company is poised for strong growth in volume once the Thane/ Goregaon projects are launched. The stock was trading 4 per cent higher at Rs 528 on the NSE on Friday.