Feb 27, 2009

DLF grounded as IT department orders special audit of books of accounts

26 Feb 2009 | 10:59 DLF grounded as IT department orders special audit of books of accounts

Meanwhile, the BSE Sensex was down 89.16 points, or 1%, to 8,813.40.

On BSE, 13.61 lakh shares were traded in the counter. The scrip had an average daily volume of 61.69 lakh shares in the past one quarter.

The stock hit a high of Rs 153.20 and a low of Rs 146.20 so far during the day. The stock had a 52-week high of Rs 850 on 27 February 2008 and a 52-week low of Rs 124.15 on 4 February 2009.

The large-cap stock had underperformed the market over the past one month till 25 February 2009, declining 3.98% as compared to the Sensex's rise of 2.63%. It also underperformed the market in the past one quarter, falling 17.85% as compared to the Sensex's 2.38% rise.

India's largest realty firm by market capitalisation has an equity capital of Rs 340.54 crore. Face value per share is Rs 2.

The current price of Rs 147.20 discounts its Q3 December 2008 annualised EPS of Rs 4.18, by a PE multiple of 35.21.

Minister of State for Finance S.S. Palanimanickam on Wednesday, 24 February 2009 said a special audit under section 142(2A) of the I-T Act has been ordered in the case of Delhi Lease and Financing, now known as DLF, for the assessment year 2006-07. The Minister added the audit report is being examined during the scrutiny proceedings, for taking necessary action as laid down under the law.

The income-tax department can order a special audit of the accounts of a company or individual under Section 142 (2A) of the Income-Tax Act in the interest of revenue.

Meanwhile, DLF has reportedly slashed prices as much as 19% for its residential project in Chennai. The discounted prices for the Gardencity project at Old Mahabalipuram Road (OMR), Chennai will hold till 31 May 2009.

DLF reportedly sold Rs 720 crore of five-year bonds on Wednesday, 24 February 20009, carrying a coupon rate of 14% to Life Insurance Corporation of India.

DLF's net profit rose 70.6% to Rs 178.06 crore on a 74.7% rise in sales to Rs 424.41 crore in Q3 December 2008 over Q3 December 2007.

DLF develops residential, commercial and retail properties. In the residential realty space, the company builds and sells a wide range of properties including houses, duplexes and apartments of varying sizes, with focus on the higher end of the market.