SP Tulsian neutral on DLF

Tulsian told CNBC-TV18, “DLF, Amanresorts, the company have their cost at Rs 2000 crore and if they are thinking of selling it for Rs 17-1800 crore because if you recall earlier they were thinking to receive about USD 500 million plus that works out to USD 22-2300 crore. So at least they would have been able to recover some marginal gain or may be at least cost but now they are talking of Rs 1700 crore, number one.”

He further added, “Similar was the case with NTC land also. So when both these transactions will get completed even if I presume that the transactions will get fully completed by 31st December, you are not going to see firstly any other income coming into the P&L which otherwise would have come in the books of the company to the extent of anywhere between Rs 500-1000 crore. Second point again the amount which will be received by Amanresorts at least in NTC we have been hearing that they will receive the entire Rs 2700 crore in next couple of months because that is how the deal has been structured but there is no clarity whether the Amanresorts have been sold at Rs 1700 crore and what will be the proceed realization.”

“If the receipts get differed may be over 1 year again that will be the second negative. But yes even if they are able to make use of this entire Rs 4000-4500 crore for retirement of the debt, probably that will be seen positive by the market. But one has to be waiting for that amount utilization getting used for retirement of the debt of the company then only it will get seen reflected in the share price. But as of now it is a near term neutral for the stock. But I won't be keeping a negative stance on the stock below Rs 200.”