Around Rs 240, DLF an excellent pick, says PN Vijay

PN Vijay, Portfolio Manager feels that around Rs 240, DLF is an excellent pick. According to him, the company is straightening out its balance sheet very nicely.

Vijay told CNBC-TV18, “I think DLF is a good buy. You should understand fundamental analysts are not like technical analysts. We don’t bother too much about cracks in the markets. We just ignore them. We have our own concept of valuation. If it is undervalued, we buy; if it is overvalued, we sell - end of story. We may make some mistakes but that’s the way our dharma works.”
“So, as I have said in the past, DLF has gone through a rather excruciating period but I think they are straightening out their balance sheet very nicely. They have reduced a lot of debt by asset stripping. Going forward, I think some lumpy commercialisation of their land banks into sellable real estate and leasable real estate is happening especially in Delhi NCR. Given these conditions, around Rs 240 or so DLF is an excellent pick. A bit of risky no doubt because it is volatile in the real estate space but I think I would say arguably best pick in the real estate sector now,” Vijay added.