Shares in DLF, India’s biggest real estate developer, traded higher in-line with the broader BSE realty index Tuesday, Aug 7, morning. At 11 a.m., the stock traded 1.3 per cent higher at Rs 214 on the BSE. The shares, up 15.4 per cent this year, are lagging a near-21 percent gain in the real estate index.
DLF is in advanced stages of negotiation with Lodha Developers to sell its prime land in Mumbai for about Rs 2,700 crore and a deal is expected to be finalised shortly.
DLF on Sunday, July 15, said it planned to cut its Rs 23,000-crore debt to about Rs 17,000 crore in this financial year and asserted that it was not unduly “perturbed” by the massive load.
DLF’s Chairman, K.P. Singh, has been conferred the “Indian Business Leader of the Year” award by Horasis: The Global Visions Community — an independent organisation that promotes sustainable future.
DLF, has sold its entire stake in Adone Hotels and Hospitality Limited (Adone) to Kolkata-based Avani Projects and Square Four Housing & Infrastructure for Rs 567 crore. This was in line with its strategy of divesting non-core assets to pare debt, DLF said in a statement.
DLF has said its March quarter consolidated net profit fell 39 per cent on higher interest outgo and it had received an additional tax demand of Rs 457.4 crore from the Income Tax (I-T) Department for the 2009-10 assessment year (AY).
The Competition Commission of India (CCI) has pulled DLF yet again in a recent order for cancellation of allotment of an apartment of a member of DLF’s Park Place RWA, stating that it was in “direct contravention” of its stay order of September 2010.
The Competition Appellate Tribunal (Compat) has said a new Bench will decide the DLF case wherein the realty major has challenged CCI’s Rs 630 crore penalty on it and the final hearing has been adjourned to July 18.
A 16-lane dedicated corridor in Gurgaon will link DLF’s Gateway Tower in Cyber City to the Golf Course Road, offering some relief from crumbling infrastructure in Delhi’s suburb.
Less than a fortnight after ending its joint venture with Giorgio Armani, DLF said it is in the process of breaking its partnership with another Italian luxury brand Salvatore Ferragamo as part of a move to exit luxury brands business.