DLF's shares are among the top gainers today

DLF Ltd., India's top real estate developer, was the top gainer on the futures and options market after its quarterly earnings exceeded market's expectations.

DLF said its first quarter profit fell marginally to 122 crore rupees compared with 127.6 crore rupees in the same quarter a year ago. Sales during April-June quarter surged 29 percent to 2,231.2 crore rupees versus 1,725.2 crore rupees in the year ago period. DLF was able to sell lots of high value flats in its major projects in the past three months. Both profit and sales beat analysts' forecasts.

As a consequence DLF rose 9 rupees, or 8 percent, to 123 rupees on the National Stock Exchange, where 58 lakh shares were traded. Its futures showed a build up of long positions and Open Interest rose 11 percent.

DLF has seen its market capitalisation erode 37 percent to 20,330 crore rupees in one year as investors stayed away from the real estate sector. The stock trades at 0.7 times its book value of 154 rupees.

Image credit: Indiatimes