DLF shares up on Mumbai land sale byte

Agencies : Mon Aug 13 2012, 17:37 hrs

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Shares in DLF gain 1 percent on local media reports that India's biggest property developer has agreed to sell a 17.5 acre plot of land in central Mumbai to private developer Lodha.

DLF is expected to get 27.27 billion rupees ($493 million) from the sale, a source with knowledge of the transaction told us, adding the deal is likely be announced later today.

DLF and Lodha declined to comment. While the management is yet to confirm the development, we view this news as a significant positive as DLF is currently saddled with significant debt - reduction of which is crucial for a sustained stock performance, brokerage Edelweiss Research said in an email to clients. Edelweiss estimated DLF's debts at 227 billion rupees.

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