DLF soars on stake sale buzz

Shares of realty major DLF rose by over 6 per cent on the bourses on Monday amid media reports that the company would sell its shareholding in two IT SEZs in Pune and Noida for a combined value of Rs 1,300 crore to pay its debt.

Shares of the company touched a high of Rs 234.75, up 6.53 per cent on the BSE, while on the NSE, the stock spurted 6.60 per cent to touch a high of Rs 234.85.

The stock was the also top performer among the bluechip scrips of both the benchmark indices during the afternoon trade.

As per media reports, British bank Royal Bank of Scotland (RBS) has upgraded DLF to 'buy' from 'sell' and raised the target price to Rs 250 from Rs 195 on improving cash-flow and ramp-up in sale of its non-core assets.

"We believe the worst is over for DLF and expect a gradual recovery," the report said quoting RBS.

Meanwhile, the BSE 30-share Sensex was trading at 18,818.27, up 55.47 points, while the NSE's 50-share Nifty was quoting at 5,647.40, up 20.20 points.