JPMorgan upgrades DLF; shares surge over 7 percent

Last Updated: Mon, Jan 14, 2013 10:39 hrs
Employees from the electricity board work on overhead cables installed in front of the residential apartments constructed by Indian property developer DLF at Gurgaon

J.P.Morgan has upgraded property developer DLF Ltd to "overweight" from "neutral" and raised its target price to 300 rupees from 220 rupees.

The investment banker says DLF stands to benefit from debt reduction and the launch of luxury projects in Gurgaon, a suburb of New Delhi.

J.P.Morgan says DLF shares will also gain on additional traction in asset sales and expected interest rate cuts.

DLF shares ended up 7.3 percent at 247.20 rupees.

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