DLF block deal: Stock cracks 4% after shares worth Rs 1,316 cr change hands
Summary
DLF block deal: The stock witnessed strong profit booking following a large trade of 2.6 crore shares, equivalent to 1 percent equity, happened early morning. The transaction was worth Rs 1,316.2 crore.
Shares of realty major DLF tumbled up to 4 percent in Tuesday’s trade following multiple block deals on the counter. At 11:06 am, the scrip was trading 3.95 percent lower at Rs 498.25 apiece on the NSE.
The stock witnessed strong profit booking following a large trade of 2.6 crore shares, equivalent to 1 percent equity, happened early morning. The transaction was worth Rs 1,316.2 crore.
The deal’s issue price was set at a 3 percent discount to the current market price (CMP).
The seller in this transaction was likely the promoter group. DLF promoter group were looking to sell more than 2.15 crore shares of the real estate major to Rs 1086.2 crore.
Consequent to the deal, the company’s weight in FTSE index may rise slightly higher potentially resulting in an inflow of $5.5 million, said Abhilash Pagaria of Nuvama Research. No immediate impact is foreseen in near term in MSCI index, Pagaria added.
Earlier, sources told CNBC TV-18 that a block deal was scheduled for today (August 1) in real estate company, amounting to Rs 1,086.2 crore.
DLF Q1 numbers
DLF Ltd’s consolidated net profit surged 12 percent year-on-year (YoY) to Rs 527 crore for the first quarter that ended on June 2023. The same was Rs 470 crore in the corresponsing period of last year.
The company’s revenue during the quarter under review, however, fell by a marginal 1 percent to Rs 1,423 crore in the June quarter. It was Rs 1,441 crore a year ago.
Sequentially, the net profit dipped 8 percent as against Rs 570 crore posted in the preceding March quarter.
Revenues declined 2 percent quarter-on-quarter. DLF has reported an EBITDA or earnings before interest, tax, depreciation and amortisation at Rs 396 crore in the reporting quarter, down 4 The company year-on-year.
Meanwhile, margins for the June quarter too declined at 27.8 percent, compared to 28.6 percent in the same period a year ago.
Further, DLF announced that it enter the Mumbai real estate market through its subsidiary DLF Home Developers.
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