Stock Market: Shares of the country’s largest real estate company rocketed today.
DLF has a market capitalization of Rs 2.15 lakh crore.The company’s cash collection doubled in the June quarter. JP Morgan has raised its target price on DLF shares.
New Delhi. Shares of India’s leading real estate company DLF saw a huge jump today. On the National Stock Exchange (NSE), shares of DLF rose nearly 7 percent to close at Rs 874. However, at the end of the day it closed at Rs 866.20 with a gain of 5.42 per cent after marginal decline. The increase is due to the company’s strong results for the June quarter. Global brokerage firm JP Morgan has maintained its ‘overweight’ rating on DLF shares and raised its target price to Rs 1,000 per share from Rs 925. This is about 15% higher than the current price.
DLF’s shares have gained nearly 20 percent since the start of 2024, while it has returned nearly 80 percent to investors in the past one year. The company has a market capitalization of Rs 2.15 Lakh Crore. DLF share has a 52 week high of Rs 967 and a 52 week low of Rs 465.30. JP Morgan believes that DLF’s operating cash flow could cross $1 billion in the current financial year. The brokerage firm also expects the company’s margins, cash flow and pre-sales to increase.
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1.04 lakh crore revenue is expected.
DLF recently released its Q1FY25 results, in which the company revealed plans to launch properties spanning around 3.7 crore square feet over the next few years. This is likely to generate revenue of Rs 1.04 lakh crore to the company.
DLF’s cash collection in the June quarter doubled from last year, while operating cash flow grew by 152%. In addition, the company has set a sales booking target of Rs 17,000 crore for FY 2025, which will include projects in Delhi, Gurugram, Chandigarh, Mumbai and Goa.
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First Publication: August 16, 2024, 16:56 IST
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