DLF

DLF sells Aman Resorts for $358 Million

DLF sells Aman Resorts for $358 Million

Real estate giant DLF on Sunday confirmed that the sale of its hospitality venture, Aman Resorts, to a joint venture (JV) between Peak Hotels & Resorts Group and Adrian Zecha.

DLF sold the chain of luxury resorts for US$358 million (Rs 2,215 crore). DLF had acquired 97 per cent stake in Aman Resorts for USD 400 million (Rs 1,640 crore) in 2007. It gradually hiked its stake in the chain of luxury resorts to
100 per cent.

Saurabh Chawla, executive director (Finance) at DLF, said the sale would allow them to focus on the company's core business of real estate.

DLF completes sale of 74% stake in life insurance JV to DHFL

DLF completes sale of 74% stake in life insurance JV to DHFL

Indian real estate giant DLF has confirmed that it has completed the sale of its 74 per cent stake in the insurance joint venture DLF Pramerica Life Insurance to Dewan Housing Finance Ltd (DHFL).

DLF had created the DLF Pramerica Life Insurance JV with US insurance giant Prudential Financial in 2007. In July this year, it exited the JV by offloading its entire 74 per cent stake to DHFL.

DLF suffers 38% fall in Q1 net profit

DLF suffers 38% fall in Q1 net profit

Higher costs of land and property development dragged real estate developer DLF Ltd's net profit down by 38 per cent to Rs 1.81 billion in the April-June quarter of this year.

In the April-June quarter of 2012, the real estate giant had reported a net profit of Rs 2.93 billion a year earlier.

However, the company's sales and other receipts jumped 5.3 per cent year-on-year, from Rs 21.98 billion to Rs 23.14 billion.

A group of analysts surveyed by Thomson Reuters had projected a net profit of Rs 1.23 billion on revenue of Rs 20.63 billion for the developer's quarter under review.

DLF reports first ever quarterly loss

DLF reports first ever quarterly loss

Afflict by sluggish economy and declined home sales, real estate developer DLF Ltd on Thursday reported its first ever quarterly net loss for the three months ended March 31, 2013.

DLF announced that it suffered a net loss of Rs 41.9 million (nearly $745,000) for the January-March quarter of this year, adding that its losses of Rs 770 million in its hotel and insurance subsidiaries added to its overall quarterly loss.

The results missed analysts’ estimates. Analysts had projected a net profit of Rs 1.9 billion on revenues of Rs 19.8 billion.

DLF Informed BSE of Signing Agreement of Sale of Rajasthan and Tamil Nadu based Wind Mill Projects

DLF Informed BSE of Signing Agreement of Sale of Rajasthan and Tamil Nadu based

To bare the debts of company, DLF, India's largest real estate firm, has signed definitive agreements according to which it will sell its assets of wind power present in Tamil Nadu and Rajasthan. The company gave a statement that - the transactions are in line with the DLF's objective of divesting its noncore assets.

DLF posts net profit rise after nine consecutive quarters of decline

DLF posts net profit rise after nine consecutive quarters of decline

DLF on Thursday announced a year-on-year increase in net profit for October-December quarter, after nine consecutive quarters of decline, but the real estate developer missed profit estimates.

DLF announced that its net profit grew 10.1 per cent to Rs 284.80 crore in the three months to December 31, from Rs 258.35 crore in the corresponding period of the previous year. But the net profit figure was much down from analysts' average estimate of Rs. 425 crore.

CCI attempts to change the builder-buyer equation

CCI attempts to change the builder-buyer equation

The Competition Commission of India (CCI) recently slapped real estate giant DLF with a hefty fine of Rs 630 crore for violation of the Competition Act 2002, and also made modifications in several clauses of the residential property agreements.

The CCI made it clear that no additional construction can be made beyond the approved building plan provided to the buyers.

Open spaces lying within the residential project area not sold will no longer be under the exclusive ownership of the constructer; instead such spaces will be under a joint ownership of the owners of the project.

Indian Markets Flat; Tata Motors and HUL Hold in Positive Zone

Indian Markets Flat; Tata Motors and HUL Hold in Positive Zone

Indian markets were trading flat on Friday afternoon after opening positive. The stock markets drifted in the afternoon as heavyweight stocks were trading lower. Among major losers were Tata Power, DLF, Reliance Infra, Power Grid, Hindalco, Larsen and SAIL.

Reliance, Cipla, Axis Bank, HDFC Bank, PNB, Bajaj Auto and SBI were marginally down. Standard Chartered has given a target of 6000 for NSE Nifty in next six-nine months' period.

DLF acquires Hilton's 26% stake in hotel JV

DLF acquires Hilton's 26% stake in hotel JV

Real estate giant DLF Ltd increased its stake in the joint venture 'DLF Hotels & Hospitality' to 100 per cent by acquiring the remaining 26 per cent stake from its partner Hilton International Co.

In a filing with the Bombay Stock Exchange (BSE), DLF stated that it has acquired the remaining 26 per cent equity shares of the joint venture from Hilton International Co's affiliates Aro Participation Ltd and Splendid Property Co Ltd for Rs 120 crore.

CCI Imposes Fine of 630 Crore on DLF

CCI Imposes Fine of 630 Crore on DLF

On Monday, the Competition Appellate Tribunal has lodged an appeal registered by DLF in order to resolve a case where fair trade supervisory body CCI has imposed a fine of Rs 630 crore on it. Sources have confirmed that the court has postponed the hearing on the matter till November 09.