DLF rose 1.58% to Rs 154.45 at 11:40 IST on BSE after the company said that the company and Ridgewood Holdings jointly decided to realign the current shareholding arrangement in the joint venture companies.
The announcement was made before market hours today, 20 July 2016.Meanwhile, the S&P BSE Sensex was up 89.35 points or 0.32% at 27,876.97.
On BSE, so far 2.59 lakh shares were traded in the counter as against average daily volume of 11.18 lakh shares in the past one quarter. The stock hit a high of Rs 154.85 and a low of Rs 152 so far during the day. The stock had hit a 52-week high of Rs 163.30 on 13 July 2016. The stock had hit record low of Rs 72.50 on 12 February 2016. The stock had outperformed the market over the past one month till 19 July 2016, gaining 13.13% compared with 4.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.73% as against Sensex's 7.64% rise.
The large-cap company has equity capital of Rs 356.75 crore. Face value per share is Rs 2.
DLF said that it has been jointly decided by DLF and Ridgewood Holdings to realign the current shareholding arrangement in the joint venture companies in order to maintain continued focus of future development of various projects. The decision was taken as given the current strategy coupled with market conditions DLF is currently focused on select projects in certain micro markets.
As a part of strategic objectives, in 2007, DLF through its wholly-owned subsidiary, DLF Home Developers had entered into joint venture agreements with Ridgewood Holdings for development of seven residential projects in the cities of Bangalore, Chennai, Kochi and Indore.
DLF's consolidated net profit fell 22.9% to Rs 132.39 crore on 19.5% growth in net sales to Rs 2335.56 crore in Q4 March 2016 over Q4 March 2015.
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DLF's primary business is development of residential, commercial and retail properties.
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