DLF rose 1.54% to Rs 177.80 at 10:30 IST on BSE, after the company signed a definitive agreement to sell 74% equity stake in its life insurance joint venture to Dewan Housing Finance Corporation and its group entities.
Shares of Dewan Housing Finance Corporation rose 0.72% to Rs 154.55.
Meanwhile, the S&P BSE Sensex was up 38.80 points or 0.2% at 19,843.56.
On BSE, 1.76 lakh shares of DLF were traded in the counter as against average daily volume of 9.88 lakh shares in the past one quarter.
The stock hit a high of Rs 179.50 and a low of Rs 177 so far during the day. The stock had hit a 52-week low of Rs 161.25 on 24 June 2013. The stock had hit a 52-week high of Rs 289.20 on 12 March 2013.
The stock had underperformed the market over the past one month till 25 July 2013, rising 5.17% compared with the Sensex's 6.31% gain. The scrip had also underperformed the market in past one quarter, sliding 27.79% as against Sensex's rise of 2.05%.
The large-cap real estate firm has equity capital of Rs 355.95 crore. Face value per share is Rs 2.
DLF said after market hours on Thursday, 25 July 2013 that it signed definitive agreements to sell its 74% equity stake in its the life insurance joint venture - DLF Pramerica Life Insurance Company, a joint venture with Prudential International Insurance Holdings (PIIHL), a subsidiary of Prudential Financial, Inc USA PFI to Dewan Housing Finance Corporation (DHFL) & its group entities. As these agreements are subject to regulatory approvals, hence the transaction consideration shall be disclosed post receipt of all such approvals.
Mr Ashok Tyagi, Group CFO, DLF said: This transaction is in line with our ongoing strategy to divest non-core businesses/ assets. We have had a very cordial relationship with PIIHL and wish them the best in their new partnership with DHFL."
DLF reported consolidated net loss of Rs 4.19 crore in Q4 March 2013, as against net profit of Rs 211.70 crore in Q4 March 2012. Net sales declined 15% to Rs 2225.55 crore in Q4 March 2013 over Q4 March 2012.
DLF's primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.
Powered by Capital Market - Live News
