DLF surged 4.57% to Rs 144.25 at 09:45 IST on BSE, after the company completed the deal to sell its luxury hospitality chain Amanresorts for $358 million.
The announcement was made on Sunday, 9 February 2014.
Meanwhile, the S&P BSE Sensex was down 14.20 points or 0.07% at 20,362.36
On BSE, so far 3.61 lakh shares were traded in the counter as against average daily volume of 8.63 lakh shares in the past one quarter.
The stock hit a high of Rs 145.95 and a low of Rs 142.05 so far during the day. The stock had hit a record low of Rs 120.25 on 6 August 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 7 February 2014, falling 15.76% compared with the Sensex's 1.53% fall. The scrip had also underperformed the market in past one quarter, falling 7.26% as against Sensex's 2.14% fall.
The large-cap company has equity capital of Rs 356.29 crore. Face value per share is Rs 2.
DLF on Sunday, 9 February 2014 said that its 100% step down subsidiary DLF Global Hospitality (DGHL) has completed the sale of 100% equity stake in Silverlink Resorts (SRL), the owner of Amanresorts to Aman Resorts Group (ARGL), a joint venture between Peak Hotels & Resorts Group (PHRL) and Mr. Adrian Zecha, the founder of Amanresorts for an enterprise value of $358 million. The sale has been in the form of management buyout. DLF Global Hospitality had purchased 100% equity in Amanresorts in 2007 from a group of investors. The deal excludes the iconic Lodhi Hotel in Delhi which shall remain a part of DLF. The transaction is a part of DLF's objective of divesting its non core assets, the company said in a statement.
DLF's consolidated net profit fell 27.8% to Rs 100.05 crore on 4.1% decline in net sales to Rs 1956.09 crore in Q2 September 2013 over Q2 September 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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