Lack of buyers in the property market has forced country's largest real estate firm DLF to cut prices of its future projects by up to 15 per cent, while the firm hinted that unless the housing market improved, it could resort to "some kind of cutting" of jobs.
Its market cap jumped to Rs 1,00,053 crore (Rs 1.00053 trillion) just before today's closing and settled at Rs 99,733 crore (Rs 997.33 billion) as compared to Rs 96,575 crore (Rs 965.75 billion) on Tuesday.
Leading real estate developer DLF Ltd, which is aiming to raise up to Rs 9,625 crore (Rs 96.25 billion) through its initial public offer, plans to set up three townships in Chandigarh and its suburbs and Shimla.
In the March quarter analysts' presentation, the company had said it was targeting to raise a total of Rs 10,000 crore (Rs 100 billion) from non-core asset sales in the medium term.
The developer needs to realise Rs 3,000 crore (Rs 30 billion) to Rs 3,500 crore (Rs 35 billion) from non-core asset sales, to reach its 2011-12 goal.
India's richest real estate entrepreneur Kushal Pal Singh on Monday became the country's third trillionaire in rupee terms with a sharp rise of four per cent in his group's flagship company DLF Ltd, pushing its market value to about Rs 1,14,744 crore
The Enforcement Directorate (ED) has filed a charge sheet against Robert Vadra, husband of Congress MP Priyanka Gandhi Vadra, in a money laundering case related to a land deal in Haryana's Shikohpur. The ED has also attached properties worth Rs. 37.64 crore linked to Vadra.
DLF Ltd is forging a 50:50 joint venture with Nakheel, a large property developer of the UAE, for two integrated townships in India at a whopping investment of $10 billion.
Equity markets this week will turn their focus on the RBI's interest rate decision, Q1 earnings from several blue-chip firms and tariff-related news for further cues, analysts said. Moreover, trading activity of foreign investors and trends in global equity markets will also drive investors' sentiment.
The issue received 41.31 crore bids for its 17.5 crore equity shares on offer, the data available on the stock exchanges show.
India's top 9 cities are likely to witness a 4 per cent decline in housing sales in the quarter ending September to over 1 lakh units on lower demand in Mumbai region and Pune, according to PropEquity. Real estate data analytics firm PropEquity on Sunday released data of primary residential market for July-September, which is generally considered as a weak quarter because of monsoon season and inauspicious Shraadh period.
DLF Ltd, the country's biggest real estate developer, said its fourth-quarter consolidated profit plunged 93 per cent as buyers deferred purchases and the company was forced to offer discounts to customers at its residential projects.
AT&T has also applied for a universal access service licence (UASL), which allows operators to offer services in both GSM and CDMA technology, with the Mahindra & Mahindra group, for 22 circles. The US company, however, has stipulated that it wants a majority equity stake in the mobile venture.
The case relates to development and sale of residential units in Gurgaon.
In its filing dated March 29, the company has said that its ability to develop the land reserves and generate the estimated developable area are subject to a number of risks such as defective title to the lands which could be legally challenged.
The shares got listed at Rs 582, a 10.85 per cent premium over issue price of Rs 525.
The Enforcement Directorate (ED) has alleged that Robert Vadra, husband of Congress MP Priyanka Gandhi Vadra, provided evasive responses during questioning regarding a 2008 land deal in Haryana. The ED claims Vadra placed blame on deceased associates and exerted undue influence on government officials.
Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi revealed in its interim order.
Robert Vadra, brother-in-law of Congress leader Rahul Gandhi, appeared before the Enforcement Directorate (ED) for the third consecutive day on Thursday for questioning in a money laundering case linked to alleged irregularities in a 2008 Haryana land deal. The ED has been investigating Vadra in connection with a land deal in Haryana's Manesar-Shikohpur, where a company he was a director of purchased land from Onkareshwar Properties and later sold it to DLF for a significantly higher price. The case has been embroiled in controversy since 2012, with allegations of corruption and nepotism surrounding the deal. The ED is expected to file chargesheets in all three cases being investigated against Vadra.
Robert Vadra, the brother-in-law of Congress leader Rahul Gandhi, appeared before the Enforcement Directorate (ED) for the second consecutive day on Tuesday in connection with a 2008 land deal in Haryana linked to a money laundering case. Vadra, who was accompanied by his wife Priyanka Gandhi Vadra, was questioned for about five hours and his statement was recorded by the ED. The session will resume on Wednesday. Vadra has termed the ED action "political vendetta." The probe against Vadra is linked to a land deal in Haryana's Manesar-Shikohpur, where a company named Skylight Hospitality Pvt Ltd, of which Vadra was a director, purchased a 3.5-acre land in 2008. The company later sold the land to realty major DLF in 2012, which led to controversy after an IAS officer cancelled the mutation, deeming the transaction as violative of state consolidation Act and related procedures.
Gensol Engineering, the beleaguered firm that came under market regulator Sebi's lens for fund diversions and governance lapses, said that its independent director Arun Menon has resigned with immediate effect.
Vadra has been questioned multiple times by the federal probe agency in a different money laundering case.
The outcome of the Union Budget, quarterly earnings from corporates and global trends are the major factors to drive stock market sentiments this week, analysts said. Besides, the trading activity of foreign investors, the rupee-dollar trend and the movement of global oil benchmark Brent crude are also crucial aspects to watch out for.
These are the top buyers of the scrapped electoral bonds, the data for which was released by the Election Commission on Thursday.
In a significant judgement, the Monopolies and Restrictive Trade Practices Commission has found DLF Universal Ltd guilty of unfair trade practices for not completing construction within the stipulated time and charging extra money from clients for co
According to BS research, this makes K P Singh the fourth richest Indian by today's market capitalisation, after Mukesh Ambani, Anil Ambani and Sunil Mittal. He overtakes Wipro's Azim Premji, who ranks immediately after him.
Real estate giant DLF announced on Tuesday its tie-up with US-based financial player Prudential Financial, Inc for a foray in life insurance business and said the two partners will invest about Rs 10 billion over the next ten years in the venture.
No effect on ongoing projects, says company.
DLF has long been embroiled in a controversy over a deal that brought windfall profits to Robert Vadra, son-in-law of United Progressive Alliance Chairperson Sonia Gandhi.
DLFknowingly suppressed material facts: Sebi
Raghavendra Kamath and Ashutosh Joshi spoke to Kushal Pal Singh on the growth of Indian realty story and issues surrounding it.
It was an individual complainant, seeking action against Rs 34 crore (Rs 340 million) he was allegedly duped, and "sham transactions" involving three 'housewives' that has led to regulator Sebi coming hard on the country's biggest real estate developer DLF and its top executives.
These trusts are being registered under a new framework.
The RBI had been widely expected to lift its repo rate by 25 basis points, but instead opted to keep the country's main lending rate at 7.75 per cent.
The list includes Gautam Adani's brother Vinod Adani among others.
Ambani and Adani account for a fifth of the net worth of all billionaire promoters in the country and half the combined net worth of the top 10.
DLF, which will enter the capital market on June 11 with its public issue, announced on Friday an investment of Rs 3,000 crore (Rs 30 billion) for developing two hotels and a service apartment in Kolkata.
Big projects may wait till second half of the year as developers turn focus towards execution and delivery
