DLF Among Highest 10 Co’s In M-Cap Chart

DLF GroupIn spite of its lackluster debut, DLF has got into the group of top 10 market-cap companies.

In early trade, DLF’s market capitalization was Rs 93719.71 crore. Ahead of ICICI Bank and State Bank of India (SBI), DLF emerges as the eight biggest Indian companies in terms of market capitalization.

DLF has also become the first realty business firm to enter the list of top 10 market-cap companies.

As the promoter holding in DLF is a huge 88.24%, its listing has puffed up the wealth of the promoters’.

The DLF scrip was hovering at Rs 554.85 on BSE, a premium of 5.6% over IPO price of Rs 525.

The company’s equity capital is Rs 337.82 crore, and its face value per share is Rs 2. The large funds bid the DLF IPO heavily, but it had just managed full subscription for the 5.22 crore shares booked for small retail investors. The IPO was subscribed 3.47 times.
At the existing price of Rs 554.85, the scrip trades at a PE multiple of 166.1, which is based on year ended March 2007 (consolidated) earning per share (EPS) of Rs 3.30. At Rs 525 per share, the IPO was priced 159 times its year ended March 2007 EPS of Rs 3.30.

The company’s consolidated profit before extra-ordinary items and tax stood at Rs 732.40 crore on revenue of Rs 1734.70 crore in the year ended 31 March 2007.

In terms of market capitalization, realty developer Unitech is 19th largest company. Its current market cap is Rs 44318.82 crore. The current price of Rs 546 discounts its FY 2007 EPS of Rs 15.80 (based on consolidated results), by a PE multiple of 34.55.