Comments
Shares of the country’s largest real estate company DLF tumbled by over 5 per cent in the early trade on the bourses today after the company posted weak first quarter results.
The company had yesterday reported a 12.81 per cent decline in consolidated net profit for the first quarter ended June 30, 2011 to Rs 358.36 crore on higher expenditure and finance charges. The net profit stood at Rs 411.03 crore in the corresponding period last year.
Reacting to the numbers, the scrip opened on a weak note on the Bombay Stock Exchange and slipped to an intra-day low of Rs 215.15, down 5.57 per cent from its last close.
Similar movement was witnessed on the National Stock Exchange, where the stock, after opening at Rs 219.40, fell to a low of Rs 215.20, down 5.53 per cent, from its previous closing price.
The stock however, recovered some of the lost ground later and was trading at Rs 219.90, down 3.49 per cent on the BSE, and at Rs 219.85, down 3.49 per cent on the NSE.
Marketmen said the downslide in the counter was a knee-jerk reaction to the weak first quarter numbers.
DLF’s total expenditure increased by about Rs 300 crore to Rs 1,505 crore during April-June 2011-12 fiscal, primarily on land, development rights and constructed properties. Its finance charges rose to Rs 496.41 crore from Rs 388.44 crore.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.