DLF rose 1.65% to Rs 197.45 at 09:18 IST on BSE after the company's subsidiary and an affiliate of Hines have entered into a joint venture to develop a high-end commercial project in Gurugram.
The announcement was made after market hours yesterday, 19 March 2019.Meanwhile, the S&P BSE Sensex was up 36.54 points, or 0.1% to 38,400.01
On the BSE, 21,000 shares were traded in the counter so far compared with average daily volumes of 6.05 lakh shares in the past two weeks. The stock had hit a high of Rs 197.80 and a low of Rs 195.65 so far during the day.
DLF announced its second joint venture with Hines. DLF Home Developers (DHDL), a wholly owned subsidiary of DLF, and Green Horizon Trustee, an affiliate of Hines, have entered into a joint venture to develop a high-end commercial project in Gurugram. DHDL will hold 67% stake in the joint venture while 33% will be held by Hines.
The total investment by the joint-venture partners in this project is about Rs 1900 crore in accordance with the independent valuation undertaken by a category-1 merchant banker. Hines will initially own 33% equity share of the Joint Venture with an option to increase its stake to up to 49%. Hines has invested approximately Rs 500 crore on March 19 in the first tranche.
The project will be developed on 11.76 acres of land owned by the joint venture company. The land parcel is located across the highway to the existing business district of DLF CyberCity. Hines is a privately owned global real estate investment firm.
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On a consolidated basis, net profit of DLF dropped 91.81% to Rs 335.15 crore on 76.92% fall in total income to Rs 2405.89 crore in Q3 December 2018 over Q3 December 2017.
DLF's primary business is development of residential, commercial and retail properties.
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