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India's DLF recovers after steep fall

Source : REUTERS
Last Updated: Thu, Nov 15, 2012 06:43 hrs
A man rides pass an advertisement of Indian property developer DLF Ltd. in Gurgaon

Shares in DLF Ltd recover to rise 1 percent after falling as much as 1.6 percent in early trading.

The shares had initially slumped after DLF said late on Monday July-September net profit slumped 63 percent from a year ago, hit by slowing home sales.

DLF shares had fallen 5.2 percent over the three previous sessions.

However, analysts say the company's management indicated on a call that the second quarter was likely to be a trough and guided for an improvement in launches, continued debt reduction, and potential asset sales.


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