Buy DLF, target of 398: IIFL

Mumbai: Looking at the number of DLF shares being traded in the market, IIFL has recommended a buy rating on the stock with a short term target of 398. According to IIFL, DLF had seen impressive volume on Friday's trading session and appears to have taken support between 350-355 zone.

DLF is a real estate development company in India. The company is primarily engaged in the business of colonization and real estate development. DLF has approximately 425 million square feet of development across its businesses, including developed, on-going and planned projects. The company has 12 million square feet of retail projects under construction and owns land resource of another 92 million square feet for development in metros and other key urban centers. Recently, PVR struck deal with DLF to acquire its multiplex business.

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DLF will sell the multiplex business of DT Cinemas (a wholly owned subsidiary of DLF) on a slump sale basis to PVR, for a consideration of 20 crore in cash and the rest in equity, by issuing 2,557,000 shares. IIFL noted that volumes accompanying the breakout are encouraging, thereby adding confirmation to the bullish outlook of the stock. With the recommended target price of 398, if the stock is bought at its previous closing price of 372.15, the percentage of gain would be 6.94 percent.