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Corporate Apr 30, 2012

DLF surges on Goldman Sachs upgrade

India's biggest real estate developer DLF rose 3.2 percent to Rs 188.10 after Goldman Sachs upgraded its rating on the stock to "buy" from "neutral" and raised its 12-month target price to Rs 264 from Rs 252 .

Goldman cites a pick up in residential launches, a recovery in commercial property, easing interest rates, and improved outlook for asset sales as well as for operating/financial leverage as reasons for upgrade.

DLF's share price is down 0.5 percent for 2012 while the BSE Sensex is up about 11 percent in the same period.

The upgrade has come close on the heels of DLF's removal from the Sensex, which will come into effect from June 11.

Reuters

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