DLF rises 2% on CLSA outperform report

Real estate major DLF rose more than 2 percent in early trade on Monday after brokerage houses upgraded the stock despite weak performance in third quarter.

CLSA has upgraded the stock to outperform rating with a raised target price of Rs 280. "The upgrade comes on the back of prospects of further debt reduction through equity raising and an improvement in cash-flows," CLSA reasoned.

Other research house HSBC retained overweight rating on the stock with unchanged target price of Rs 318, citing big ticket launches are the next catalyst.

"While Q3 will act as a near term overhang (management did not issue any profit warning), we remain positive on its business restructuring (new launches + debt reduction)," HSBC said.

JP Morgan stays overweight on DLF

Real estate developer reported third quarter net profit at Rs 285 crore, which include Rs 840 crore from the sale of Jawala Real Estate (which owning the NTC Mumbai land). After adjusting for this, the company posted a loss of Rs 550 crore.

At 10:26 hours IST, shares went up 2.09 percent to Rs 254 on Bombay Stock Exchange.