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)
Trending On Reuters
India hanged Yakub Memon on Thursday for his role in the country's deadliest bombings, which killed at least 257 people in Mumbai in 1993, after the Supreme Court rejected a desperate overnight plea to delay his execution. Full Article | Video