DLF rose 2.04% to Rs 149.95 at 10:52 IST on BSE, extending Tuesday's 5.76% rise triggered by the company selling its stake in unit Star AluBuild as part of its strategy to exit non-core businesses.
The company made the announcement after market hours on Tuesday, 8 October 2013. The stock jumped 5.76% to Rs 146.95 on Wednesday, 9 October 2013. The stock has risen 7.92% in the two trading sessions from Rs 138.95 on Tuesday, 8 October 2013.
Meanwhile, the BSE Sensex was down 29.69 points, or 0.15%, to 20,219.57.
On BSE, 5.57 lakh shares were traded in the counter compared with average volume of 14.10 lakh shares in the past one quarter.
The stock hit a high of Rs 151.70 and a low of Rs 147 so far during the day. The stock hit a 52-week high of Rs 289.20 on 12 March 2013. The stock hit a 52-week low of Rs 120.25 on 6 August 2013.
The stock had outperformed the market over the past one month till 9 October 2013, rising 6.68% compared with the Sensex's 5.08% rise. The scrip had, however, underperformed the market in past one quarter, falling 16.98% as against Sensex's 4.17% rise.
The large-cap company has an equity capital of Rs 356.16 crore. Face value per share is Rs 2.
DLF said that on 8 October 2013, its subsidiaries, DLF Home Developers and DLF Projects divested 60% stake in Star Alubuild, a subsidiary, at an enterprise value of Rs 79.80 crore.
Star Alubuild specialises in designing, engineering, fabrication and installation of curtain walls for commercial buildings, retail malls and doors & windows for projects throughout India. Accordingly, Star Alubuild ceased to be subsidiary of the company, DLF said. The transaction is a part of DLF's objective of divesting its non core assets.
DLF's consolidated net profit declined 38.1% to Rs 181.19 crore on 5.3% growth in net sales to Rs 2314.08 crore in Q1 June 2013 over Q1 June 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.
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