DLF Limited is trading higher by 3% at Rs 197 in otherwise weak market after the country’s largest realty firm decided to end its five-year long association with the Indian Premier League (IPL).
“The last date for renewal of the contract was July 28 and the company did not do it. The company has spent Rs 250 crore in five years for the IPL,” the PTI report suggests quoting DLF Group Executive Director Rajeev Talwar.
In the last few months, the real estate firm has stepped up its asset monetization drive to cut debt and ease the interest burden.
In the analyst call, the company said that it plans to cut its debt by about Rs 5,000 crore by end of March 2013 through sale of non-core assets, which include the just concluded sale of its NTC mill land in Mumbai to the Lodha Group for around Rs 2,700 crore, and two other large assets-its wind power business and Aman Resorts.
The stock opened at Rs 191 and hit a low of Rs 188 on the BSE. A combined 4.44 million shares have changed hands on the counter so far on both the exchanges.