After recently issuing shares in the IPO at Rs.525 apiece, the DLF scrip has risen by nearly 45% in about 3 months. It’s now ruling at Rs.760 level after touching 790. Its IPO in June was the largest in India, but was soon overtaken by that of ICICI Bank. What do all these mean for DLF? A lot, if you go by market cap.
It is now the 4th biggest real estate company in the world with a capitalization of Rs.1,28,563 crore (ET, Sep 27). DLF trails 2 Hong Kong companies, Sun Hung Kai and Cheung Kong and the Japan-based Mitsubishi Estate.
Though it has a somewhat pan-India presence, DLF’s plans for Bengal including Kolkata include a mind-boggling investment of Rs.1 lakh crore. The latest being firmed up is its second IT Park in Salt Lake Sector-V on a 25-acre land. The cost: Rs.800-1000 crore. Slated to be ready by end-2009, the infotech park is already having customers of its space in the form of GE, Siemens, IBM, Microsoft, Symantec and Accenture.
Now this is called the coming of age by an Indian company. Do you have DLF in your portfolio? If not, have it at every dip.