DLF surges over 2% in early trade on BSE

A dip in the third quarter net profit notwithstanding, shares of the country's largest realty firm DLF advanced by over 2 per cent in early trade on the Bombay Stock Exchange on Tuesday.

Shares of DLF rose 2.41 per cent to touch an early high of Rs 229.30 apiece on the Bombay Stock Exchange. Similarly, DLF's counter witnessed a 2.47 per cent gain on the National Stock Exchange. The company's shares were being quoted at Rs 229.45 in early trade.

Market observers said even though the company's third quarter net profit had declined, the earnings were in line with expectations on the street.

"DLF's third quarter results were in line with our expectations. The company reported moderate revenue growth, driven by strong leasing volumes and non-asset sales," Angel Broking said in a note.

DLF had on Monday reported a marginal decline in consolidated net profit to Rs 465.67 crore for the quarter ended December 31, against a net profit of Rs 467.89 crore in the year-ago period.

Meanwhile, the BSE benchmark Sensex was trading at 18,311.26, down 16.50 points from the previous close, at 9.52 am.