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DLF surges over 2% in early trade on BSE

DLF surges over 2% in early trade on BSE
PTI
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First Published: Tue, Feb 01 2011. 10 16 AM IST
Updated: Tue, Feb 01 2011. 10 16 AM IST
Mumbai: A dip in the third quarter net profit notwithstanding, shares of the country’s largest realty firm DLF advanced by over 2% in early trade on the Bombay Stock Exchange (BSE) on Tuesday.
Shares of DLF rose by 2.41% to touch an early high of Rs229.30 apiece on the Bombay Stock Exchange.
Similarly, DLF’s counter witnessed a 2.47% gain on the National Stock Exchange (NSE). The company’s shares were being quoted at Rs229.45 in early trade.
Market observers said that even though the company’s third quarter net profit had declined, the earnings were in line with expectations on the street.
“DLF’s third quarter results were in line with our expectations. The company reported moderate revenue growth, driven by strong leasing volumes and non-asset sales,” Angel Broking said in a note.
DLF had yesterday reported a marginal decline in consolidated net profit to Rs465.67 crore for the quarter ended 31 December, 2010, as against a net profit of Rs467.89 crore in the year-ago period.
Meanwhile, the BSE benchmark Sensex was trading at 18,311.26, down 16.50 points from the previous close, at 09:52 am.
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First Published: Tue, Feb 01 2011. 10 16 AM IST
More Topics: DLF | Markets | Shares | Stock market | Q3 |