JPMorgan upgrades DLF; shares surge over 7 percent
Reuters Market Eye - J.P.Morgan has upgraded property developer DLF Ltd(DLF.NS) to "overweight" from "neutral" and raised its target price to 300 rupees from 220 rupees.
The investment banker says DLF stands to benefit from debt reduction and the launch of luxury projects in Gurgaon, a suburb of New Delhi.
J.P.Morgan says DLF shares will also gain on additional traction in asset sales and expected interest rate cuts.
DLF shares ended up 7.3 percent at 247.20 rupees.
(Reporting by Manoj Dharra)
- Tweet this
- Share this
- Digg this
- Russia can run on empty for a year if sanctions block new bonds
- Apple says celebrity photo breach targeted, not due to its systems
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Actress Jennifer Lawrence contacts authorities after nude photos hacked
- UPDATE 2-Apple says celebrity photo breach targeted, not due to its systems
The BSE Sensex on Tuesday breached the psychologically key level of 27,000 points for the first time to hit its third consecutive record high as blue-chips such as HDFC Bank gained after recent data raises hopes about the economy. Full Article