JPMorgan upgrades DLF; shares surge over 7 percent

Mon Jan 14, 2013 3:52pm IST

Employees from the electricity board work on overhead cables installed in front of the residential apartments constructed by Indian 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 Indian 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 - 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)

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