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  1. DLF shares gain over 3% on joint venture with GIC

DLF shares gain over 3% on joint venture with GIC

DLF shares jumped after the company informed BSE that its wholly-own subsidary DLF Home Developers (DHDL) and GIC, Singapore’s sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi.

By: | Updated: September 2, 2015 4:11 PM
DLF shares

DLF informed BSE that its wholly-own subsidiary DLF Home Developers (DHDL) and GIC, Singapore’s sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi. (PTI)

DLF shares jumped over 3 per cent on Wednesday after the real estate developer informed Bombay Stock Exchange that its wholly-own subsidiary DLF Home Developers (DHDL) and GIC, Singapore’s sovereign wealth fund, have entered into a joint venture to invest in two upcoming projects located in Central Delhi.

The scrip closed 3.40 per cent higher at Rs 109.60.

In a BSE filing, the company said, “Both projects will be developed under DHDL. GIC will invest a sum of approximately Rs 1,990 crore. The joint venture is expected to benefit from GIC’s experience of investing in integrated developments across the globe.”

The share price of DLF plunged 3.48 per cent in August while BSE Bankex plunged 6.5 per cent during the month.

For the quarter ended June 2015, the company reported consolidated net profit of Rs 122.64 crore, up 10.36 per cent, against Rs 111.12 crore in the corresponding quarter a year ago.

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