DLF lost 0.31% to Rs 177.85 at 10:10 IST on BSE after the company said that its wholly owned subsidiary has received its final tranche of payment of Rs 93.5 crore on the sale of balance shares of Galaxy Mercantile, a JV firm.
The announcement was made after market hours on Tuesday, 11 March 2014.
Meanwhile, the S&P BSE Sensex was down 16.70 points or 0.08% at 21,809.72.
On BSE, so far 6.53 lakh shares were traded in the counter as against average daily volume of 11.47 lakh shares in the past two weeks.
The stock was volatile. The stock lost as much as 1% at the day's low of Rs 176.60 so far during the day. The stock rose as much as 2.13% at the day's high of Rs 182.80 so far during the day. The stock had hit a 52-week high of Rs 289.20 on 12 March 2013. The stock had hit a record low of Rs 120.25 on 6 August 2013.
DLF said that DLF Home Developers (DHDL) -- a wholly owned subsidiary of the company -- has received its final tranche of payment of Rs 93.5 crore on the sale of balance shares of Galaxy Mercantile (GML), a joint venture (JV) company of DHDL, IDFC and others. In November 2011, IDFC had contracted to acquire 100% stake in the JV company owning 1.3 million square feet IT Park located in Sector 62, Noida, Uttar Pradesh. This transaction is in line with DLF's objective of divesting its non-core assets, the realty major said in a statement.
DLF's consolidated net profit fell 49% to Rs 145.29 crore on 57.1% growth in net sales to Rs 2058.42 crore in Q3 December 2013 over Q3 December 2012.
DLF has 314 million square feet (msf) of planned projects with 52 msf of projects under construction. 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. Its exposure across businesses, segments and geographies, mitigates any down-cycles in the market. From developing 22 major colonies in Delhi, DLF is now present across 15 states-24 cities in India.
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