Mumbai: Goldman Sachs upgraded its rating for DLF Ltd to “buy” from “neutral”, citing upcoming residential project launches worth Rs.13,000 crore over the next three quarters.
The upcoming projects include residential developments in Gurgaon, close to the capital, New Delhi.
Goldman said DLF would also benefit from expected cuts in interest rates and continued debt reduction.
The investment bank raised its 12-month target price on DLF shares to Rs.295 from Rs.224. The company’s shares were down 1.91% as of 10.24am. Reuters