DLF hits the roof on buyback plan

DLF surged 14.50% to Rs 421 at 15:15 IST on BSE after the company said its board will meet on 10 July 2008 to consider a buyback of equity shares.

The company made the announcement during market hours today, 2 July 2008.

Meanwhile, the BSE Sensex was up 742.61 points, or 5.73%, at 13711.01.

On BSE, 33.94 lakh shares were traded in the counter. The scrip had an average daily volume of 13.15 lakh shares in the past one quarter.

The stock hit a intra-day low of Rs 350.30, a lifetime low for the counter. It touched a high of Rs 439.90 so far during the day. The stock had hit a 52-week high of Rs 1225 on 15 January 2008.

The scrip had underperformed the market over the past one month till 1 July 2008, falling 35.10% compared to the Sensex's 19.31% decline. It had, however, underperformed the market in the past one quarter, falling 40.75% compared to Sensex's 17.71% fall.

DLF, India's largest real estate developer by market capitalisation has an equity capital of Rs 340.97 crore. Face value per share is Rs 2.

The current price of Rs 421 discounts its Q4 March 2008 annualised EPS of Rs 14.98, by a PE multiple of 28.10.

DLF reported a net profit of Rs 638.55 crore on sales of Rs 1613.32 crore in Q4 March 2008.

DLF develops residential, commercial and retail properties. In the residential realty space, the company builds and sells a wide range of properties including houses, duplexes and apartments of varying sizes, with focus on the higher end of the market