Shares of a real estate company cracked 4.27 percent on Tuesday to reach an intraday low of ₹ 496.90 apiece on the National Stock Exchange (NSE) after a huge number of shares changed hands in a block deal.
Media reports claimed that the promoters of DLF were looking to sell more than 2.15 crore shares of the real estate major for ₹ 1086.2 crore. The issue price is set at a 3 per cent discount to the previous close of the stock at ₹ 518.65.
Data showed that a whopping 2.39 crore shares changed hands on the bourses on Tuesday as compared to the previous day’s volume of merely 1.72 lakh shares. This hints towards the execution of a bulk deal. The traded quantity, buyers and sellers could not be ascertained at the time of writing this report.
DLF is engaged in real estate development, from the identification and acquisition of land to the planning, execution, construction and marketing of projects.
The real-estate major clocked a consolidated net profit of ₹ 526.11 crore for the quarter ended June 2023, up from ₹ 469.21 in the same quarter last year. Its total income in the April-June quarter stood at ₹ 1,521.71 crore, indicating a marginal rise.
With a market capitalization of ₹ 1,28,407 crores, DLF is a large-cap company. It has a low return on equity of 5.50 percent and an ideal debt-to-equity ratio of 0.09. Its shares were trading at a price-to-earnings ratio (P/E) of 61.28 and it has a dividend yield of 0.77 percent.
The company’s promoters held a 74.95 percent stake in it, followed by foreign institutions with 15.30 percent, retail investors with 5.03 percent, mutual funds with 3.44 percent and other domestic institutions with 1.28 percent.
Written by Simran Bafna
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