DLF gains after Goldman Sachs upgrade

India8217;s biggest real estate developer DLF rise 3.2 per cent to 188.10 after Goldman Sachs upgrades its rating on the stock to buy from neutral and raises its 12-month target price to 264 rupees from 252 rupees.

Goldman cites a pick up in residential launches,a recovery in commercial property,easing interest rates,and improved outlooks for asset sales as well as for operating/financial leverage as reasons for upgrade.

DLF8217;s share price is down 0.5 per cent for 2012 while India8217;s benchmark index is up about 11 per cent in the same period.

The upgrade has come close on the heels of DLF8217;s removal from India8217;s benchmark index,which will come into effect from June 11.