DLF recovers after steep fall

Thu Nov 15, 2012 1:17pm IST

Employees from the electricity board work on overhead cables installed in front of the residential apartments constructed by property developer DLF at Gurgaon, on the outskirts of New Delhi, June 19, 2012. REUTERS/Parivartan Sharma/Files

Employees from the electricity board work on overhead cables installed in front of the residential apartments constructed by property developer DLF at Gurgaon, on the outskirts of New Delhi, June 19, 2012.

Credit: Reuters/Parivartan Sharma/Files

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Reuters Market Eye - Shares in DLF Ltd(DLF.NS) recover to rise 1 percent after falling as much as 1.6 percent in early trading.

The shares had initially slumped after DLF said late on Monday July-September net profit slumped 63 percent from a year ago, hit by slowing home sales.

DLF shares had fallen 5.2 percent over the three previous sessions.

However, analysts say the company's management indicated on a call that the second quarter was likely to be a trough and guided for an improvement in launches, continued debt reduction, and potential asset sales.

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