DLF shares surge to 52-week high after Q1 earnings

Shares of realty major DLF on Tuesday gained over three per cent to reach its 52-week high level after the company reported a consolidated net profit of Rs 337.17 crore in the first quarter of this fiscal year on higher revenue. The stock jumped 3.14 per cent to Rs 344.50 -- its 52-week high – on BSE. On NSE, it climbed 3.17 per cent to its 52-week high of Rs 344.55. Its market capitalisation also jumped Rs 1,856.89 crore to Rs 84,457.64 crore on BSE in early trade. The company had posted a net loss of Rs 71.52 crore in the year-ago period. The company announced a dividend of Rs 2 per share for the last fiscal year. "We are witnessing encouraging demand in the residential business. Since the pandemic, the inherent demand for homes has gone up, it has reaffirmed that home is the safest place and is an important asset class for most families," DLF said in a statement. Its sales bookings jumped sharply at Rs 1,014 crore during the April-June quarter. "We remain enthused with this growing demand in the residential markets and expect this growth cycle to continue in the long run," DLF said.