DLF shares close nearly 1 pc higher

Shares of realty major DLF on Tuesday trimmed most of its early gains and closed nearly 1 per cent higher.

During the early trade, it gained over 3 per cent to reach its 52-week high level after the company reported a consolidated net profit of Rs 337.17 crore in the first quarter of this fiscal year on higher revenue.

The stock jumped 3.14 per cent to Rs 344.50 -- its 52-week high -- on the BSE during the day. It later closed at Rs 336.95, a gain of 0.88 per cent.

On the NSE, it closed at Rs 337, higher by 0.91 per cent.

Its market capitalisation also jumped Rs 730.63 crore to Rs 83,405.63 crore on the BSE at the close of trade.

The company had posted a net loss of Rs 71.52 crore in the year-ago period.

Total income nearly doubled to Rs 1,242.27 crore in the April-June quarter of 2021-22 financial year from Rs 646.98 crore in the corresponding period of the previous year, DLF said in a regulatory filing on Monday.

The company announced a dividend of Rs 2 per share for the last fiscal year.

''We are witnessing encouraging demand in the residential business. Since the pandemic, the inherent demand for homes has gone up, it has reaffirmed that home is the safest place and is an important asset class for most families,'' DLF said in a statement.

Its sales bookings jumped sharply at Rs 1,014 crore during the April-June quarter.

''We remain enthused with this growing demand in the residential markets and expect this growth cycle to continue in the long run,'' DLF said.

With this strong outlook and all fundamental drivers supporting the residential segment, the company said it continues to focus on bringing new product offerings across segments and geographies.