Hit hard by a one-off loss, Indian real estate developer DLF Ltd on Friday reported a decline of 49 per cent in its quarterly net profit.
The country's biggest real estate developer said in a statement that its consolidated net profit slipped to Rs 1.45 billion in the October-December quarter of current fiscal, from Rs 2.85 billion in the corresponding quarter of the previous fiscal.
The third quarter results included an exceptional charge of Rs 4.11 billion over a 'foreseeable loss' on account of a settlement of a dispute with the Delhi Development Authority (DDA) over a real estate project.
Shared of real estate giant DLF jumped nearly 2 per cent to Rs 179 apiece in early morning deals on Friday on BSE after the company announced its decision to quit life insurance business.
DLF, India's largest realty company, announced on Thursday that it had signed an agreement to offload its 74 per cent equity stake in the life insurance joint venture called DLF Pramerica Life Insurance Co Ltd to Dewan Housing Finance Corp.
New Delhi, July 8 : Realty major DLF Monday said it has sold its 150-MW wind power project in Kutch, Gujarat, to BPL Vayu for Rs. 325 crore ($55 million).
"The transaction is in line with the DLF's objective of divesting its non-core assets," the company said in a disclosure to stock exchanges, adding it included the transfer of both assets and liabilities, including long-term loans, for the said consideration.
Apart from the wind farm in Gujarat, DLF has similar projects in Rajasthan, Tamil nadu and Karnataka. These projects, according to the company, reduce about 470,000 tons of carbon di-oxide emissions on an annual basis.(IANS)
Realty giant DLF Ltd has confirmed that it has completed the transfer of Kutch, Gujarat-based 150-MW capacity wind power project to BLP Vayu Private Ltd for lump sum consideration Rs 325.38 crore.
As per the terms of the agreement, DLF transferred the wind power project, including related assets, liabilities and relevant long term loans.
The deal value is significantly higher than what BLP Vayu Private Ltd, a subsidiary of Bharat Light and Power Private Ltd, had originally agreed to pay (Rs 282.3 crore) on January 31.
On Wednesday, real estate giant DLF Ltd priced its $345 million (more than Rs 81 billion) share issue at Rs 230 apiece.
Earlier, reports suggested that the real estate giant's most recent share sale got oversubscribed 1.3 per cent.
While the India's biggest rear estate firm offered 81.02 million shares to institutional investors at a price band of Rs222-Rs223 apiece; while the investors made bids for 147.7 million shares.
India's biggest property developer, DLF has entered into an agreement to sell its assets in the wind power generation industry assets in Tamil Nadu and Rajasthan.
The company said that it has signed a definitive agreement to sell its wind power assets in the two states for around Rs 241 crore. DLF has been selling major assets to strengthen its financial position and consolidate its position in the core infrastructure sector.
India's biggest property developer, DLF has indicated that its board of directors will meet on Wednesday to consider a sale of stake in order to be able to meet the minimum public shareholding norms.
The company said in a filing that, "A meeting of the board of directors of the company will be held on March 6, to consider offer of securities and all related actions thereto, subject to the approval of shareholders, for achieving the minimum public shareholding."
India's biggest property developer, DLF has said that it is aiming to reduce tis total debt by half in the coming three years with the help of measures like fresh issue of equity shares, sale of non-core assets and higher cash flows.
India's biggest property developer, DLF has indicated that it is planning to reduce its debt from the current Rs. 21,350 crore to Rs. 10000-11000 crore over a period of next three years.
The management of the company also said that it is planning to dilute 3 per cent stake to raise cash flows of 5000 crore. DLF has been selling major assets to strengthen its financial position and consolidate its position in the core infrastructure sector.
Indian reality giant DLF has finally managed to sell its luxury hotel chain Aman Resorts back to its Indonesia-based founder Adrian Zecha for $300 million (around Rs 1,600 crore).
DLF, India's biggest realtor, will use proceeds from the sale to further slash its heavy debt pile. As on September 30, the realtor was burdened with a net debt of Rs 23,220 crore, which dropped to Rs 21,220 crore after realization of Rs 2,727 crore from the sale of NTC Mill land to the Lodha group.
India's biggest property developer, DLF has said that it has agreed to sell its premium hotel chain Amanresorts in a management buy-out deal valued at US$ 300 million or about Rs 1,600 crore.
DLF Global Hospitality Ltd, which is a wholly owned subsidiary of DLF, has entered into a definitive agreement under which Adrian Zecha, the founder and Chairman of the Amanresorts Group of luxury resorts will acquire DGHL's 100 per cent shareholding in Silverlink Resorts Ltd, the company that owns Amanresorts. The Management Buy-Out agreement is expected to be completed by February depending upon usual conditions.
Realty giant DLF on Friday said that the sale of its non-core businesses would generate nearly Rs 3,000 crore by the end of current financial year.
DLF, the country's leading realty development company, has put its various non-core businesses, such as hotel chain Aman Resorts and wind energy business, for sale.
The company also said that the sale of its wind energy business would finalize earlier than the sale of much-reported Aman Resorts. It added that Aman Resorts deal would take time because was a complex deal.
Reality giant DLF on Wednesday expects to finalize the sale of its luxury hotel chain Aman Resorts before the end of current quarter.
In an analyst call, DLF Chief Financial Officer Ashok Tyagi said that the company hoped to close the deal in the next few weeks. He added that India's leading real estate developer also expected to complete the sale of its wind energy business by January 2013.
Speaking on the topic, he said, "We have all regulatory approvals required to sell our wind assets. It should be carried out in two to three months."
Real estate major, DLF is scheduled to report its results for the second quarter of the financial year and the company is likely to report a 26 per cent fall in net profit at Rs 275 crore for the quarter.
The company had recorded a net profit of Rs 372 crore in the same quarter of the previous year. the net sales of the company could fall 7 per cent to Rs 2,350 crore compared to Rs 2,523 crore recorded in the same quarter of the previous year.
Indian Stock market was trading flat on Monday morning. The BSE Sensex was marginally down at 18733 and NSE Nifty was down by 4 points at 5693. Asian markets were trading lower. Hang Seng was down by 0.3% at 22031, Straits Times was down at 3031 and Nikkei 225 was down by half per cent at 9007.
Among Indian stocks, ACC was up by nearly 2 per cent at Rs 1434. Dr Reddy's Labs and Cipla were up by 1.5% each. Kotak Mahindra Bank was also among major gainers at Rs 620.
India's largest real estate company, DLF had entered into three deals worth Rs 446 crore with a hotel joint venture after 50 per cent stake was given to Robert Vadra for Rs 35 crore in October 2009, according to reports.
The new revelation could add to the troubles of the company and may indicate a deeper relationship between the company and entities owned by son-in-law of Congress President Sonia Gandhi. The revelations were not included in the expose by activist-turned-politician Arvind Kejriwal on the business dealings between DLF and Vadra.
Intensifying attacks on Congress Party, the Gandhi family and real estate giant DLF, Arvind Kejriwal has released documents that allegedly show illegal links among Sonia Gandhi's son-in-law Robert Vadra, DLF and the Haryana government.
Indian Stock market has continued with its downward move on Thursday. The market has remained in negative zone for most part of the current week. The BSE Sensex was down by 23 points at 17467 and NSE Nifty was flat at 5286.
European markets have opened marginally lower. FTSE and CAC were trading flat during early hours while DAX was down by 0.6%.
Indian Stock Markets opened positive on Friday but lost ground in afternoon session. The NSE Nifty was in negative zone at 13.52 IST. Asian markets closed positive with Nikkei 225 and Hang Seng closing the session with gain of 0.75 per cent.
The US markets closed positive, on Thursday. Dow Jones touched intraday high of 13269, less than 100 points from 52-week high. European markets have opened positive with DAX, FTSE and CAC showing marginal gains during the early session.
DLF sells 17.5 acre NTC land to Lodha developers
According to several reports in the media, India's infrastructure major, DLF has sold 17.5 acre NTC land to Lodha developers under a deal valued at about Rs 2750 crore.
The largest real-estate developer sold the plot located at Lower Parel in Mumbai to Lodha Developers for Rs 2,750 crore. The company made a profit of Rs 2,000 crore over seven years through the sale of land in the country's financial capital.