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Journalism of Courage
DLF became India8217;s ninth largest company by market cap at the closing price of Rs 569.8 on its listing today. With this, India8217;s largest real estate company that had planned to raise Rs 9,187.5 crore got its much awaited listing. The scrip opened at Rs 526.5 on the National Stock Exchange later touched a high of Rs 583.9 before closing the day at Rs 569.8. The scrip gained 8.5 per cent on the allotment price of Rs 525. 8220;The stock has got a fair valuation and the listing is on expected lines,8221; says Sandeep Nanda, research head Sharekhan.
The day saw other major real estate stocks taking a beating. Unitech was down by 5.25 per cent and closed at Rs 523.9 , Parsvnath down by 4.3 per cent closed at Rs 362.2 and Sobha developers took a 4.1 per cent dip and closed at Rs 906.3. Rajesh Jain, vice president and head of Research, SMC Global said, 8220;DLF listing at a premium is in itself a positive.8221;
It all happened in a day that saw too many crests and troughs. The BSE Sensex that almost seemed to cross the psychological 15,000 mark, opened at 14,932, touching an all time high of 14,963 followed by an intra day low of 14,731 finally closed the day at 14,861, down 0.13 per cent over its previous close of 14,880 on July 4.
The volatility before touching a psychological barrier is not new. The BSE-index had hovered around the 10,000-mark for 5 trading days before breaching it on February 6, 2006 almost 16 months back.
