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Real Estate major DLF gets an underperform rating from global research house Bank Of America Merrill Lynch (BofAML) with a target price of Rs 163. It expects sales of DLF to remain weak over FY17-20 as it plans to launch projects only after obtaining occupancy certificate. The house believes that this will lead to negative free cash flows of Rs 2,000 crore over FY18-20.
According to BofAML, there is likely potential risk of 6 percent equity issuance while the valuations look expensive for 3 percent FY19 return on equity (RoE).
However, on September 12, 2017 DLF received the environment clearance for its Rs 240 crore commercial project which is to come up in Patto village, Goa.
At 10:24 hrs DLF was quoting at Rs 180.00, down Rs 4.95, or 2.68 percent. It has touched an intraday high of Rs 182.80 and an intraday low of Rs 179.40.
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