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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  DLF Limited    DLF   INE271C01023

DLF LIMITED

(DLF)
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Corporate winners and losers from India's budget

07/10/2014 | 06:47am EST

(Reuters) - Indian Prime Minister Narendra Modi's new government on Thursday unveiled its first budget of structural reforms aimed at reviving growth, winning praise from investors despite a lack of clarity over how it would cap the big fiscal deficit.

Modi's government, in office for less than two months, said it would raise caps on foreign investment in the defence and insurance sectors, and launch a tax reform to unify India's 29 federal states into a common market.

The following sectors/companies will benefit or be impacted by the budget proposals:

WINNERS:

* Increase in foreign direct investment cap in the insurance sector to 49 percent from 26 percent now will benefit companies such as ICICI Bank Ltd (>> ICICI Bank Ltd), Max India Ltd (>> Max India Limited), Housing Development Finance Corporation Ltd (HDFC) (>> Housing Development Finance Corp Ltd) that have insurance ventures with foreign partners.

* Real estate companies such as DLF Ltd (>> DLF Ltd), Unitech Ltd (>> Unitech Limited), Phoenix Mills Ltd (>> Phoenix Mills Limited), Parsvnath Developers Ltd (>> Parsvnath Developers Limited) will benefit from the proposal to provide incentives for setting up real estate investment trusts.

* Plan to develop 100 smart cities and increase in allocations to support rural housing will help developers and housing finance companies such as HDFC, LIC Housing Finance Ltd (>> LIC Housing Finance Limited) and Dewan Housing Finance Corp Ltd (>> Dewan Housing Finance Corporation Ltd.).

* The proposal to allow manufacturing units to sell products via e-commerce platforms is likely to benefit the local units of foreign retailers such as Nike Inc (>> Nike Inc), Marks and Spencer Group (>> Marks and Spencer Group Plc) and Puma SE (>> Puma AG Rudolf Dassler Sport).

* Insurance and asset management companies will gain from a proposal to increase the tax exemption limit on certain investments to 150,000 rupees from 100,000 rupees per year.

* Companies such as Larsen & Toubro Ltd (>> Larsen & Toubro Limited), IL&FS Transportation Networks Ltd (>> IL&FS Transportation Networks Ltd) and IRB Infrastructure Developers Ltd (>> Irb Infrastructure Developers Ltd) will benefit from plans to increase spending to build roads and ports.

LOSERS:

* A proposal to increase excise duty on cigarettes is negative for companies such as ITC Ltd (>> ITC Limited) and VST Industries Ltd (>> VST Industries Limited). Cigarette makers usually pass on any tax hikes to consumers, which may impact sales.

* A more than $2 billion tax dispute between Vodafone Group PLC (>> Vodafone Group plc) and the Indian government will likely drag on after the finance minister did not propose revoking a controversial retrospective tax rule change in 2012.

Vodafone said in a statement on Thursday it intended to push ahead with international arbitration to resolve the dispute.

* No change in import duty on gold and silver from the current 10 percent is negative for companies such as Titan Company Ltd (>> Titan Company Ltd) and Gitanjali Gems Ltd (>> Gitanjali Gems Limited) as some had expected a cut.

(Reporting by India Company News team; Compiled by Devidutta Tripathy; Editing by Sumeet Chatterjee and Miral Fahmy)


© Reuters 2014
Stocks mentioned in the article
ChangeLast1st jan.
DEWAN HOUSING FINANCE CORPORATION LIMITED -4.99% 24.75 Delayed Quote.-11.99%
DLF LIMITED -2.95% 261.6 Delayed Quote.15.93%
E.ON SE 1.18% 8.884 Delayed Quote.-1.99%
GITANJALI GEMS LIMITED 5.00% 1.05 Delayed Quote.0.00%
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED -2.53% 2484.95 Delayed Quote.-0.28%
IL&FS TRANSPORTATION NETWORKS LIMITED -4.35% 2.2 Delayed Quote.0.00%
IRB INFRASTRUCTURE DEVELOPERS LIMITED 0.27% 113.2 Delayed Quote.-4.93%
ITC LIMITED 2.26% 211.5 Delayed Quote.-0.57%
LARSEN & TOUBRO LIMITED -1.74% 1336.1 Delayed Quote.5.72%
LIC HOUSING FINANCE LIMITED -1.82% 406.8 Delayed Quote.15.09%
MARKS & SPENCER GROUP PLC 1.34% 143.55 Delayed Quote.5.32%
MAX CO., LTD. 1.46% 1462 End-of-day quote.1.60%
MAX FINANCIAL SERVICES LIMITED 0.01% 698 Delayed Quote.3.41%
NIKE, INC. -1.78% 135.1 Delayed Quote.-4.50%
PARSVNATH DEVELOPERS LIMITED -2.08% 4.65 Delayed Quote.-4.00%
PUMA SE -0.84% 82.86 Delayed Quote.-10.21%
SILVER -0.13% 25.407 Delayed Quote.-3.86%
TEAM, INC. 0.09% 11.45 Delayed Quote.5.05%
THE PHOENIX MILLS LIMITED 0.73% 734.45 Delayed Quote.-5.78%
TITAN COMPANY LIMITED -2.12% 1470.05 Delayed Quote.-4.29%
UNITECH -2.86% 1.7 Delayed Quote.-7.89%
VODAFONE GROUP PLC 0.53% 129.08 Delayed Quote.6.80%
VST INDUSTRIES LIMITED -2.83% 3537.4 Delayed Quote.-1.74%
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Financials
Sales 2021 62 205 M 854 M 854 M
Net income 2021 12 174 M 167 M 167 M
Net Debt 2021 50 904 M 699 M 699 M
P/E ratio 2021 54,9x
Yield 2021 0,84%
Capitalization 668 B 9 164 M 9 170 M
EV / Sales 2021 11,6x
EV / Sales 2022 11,5x
Nbr of Employees 1 661
Free-Float 24,0%
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Mean consensus BUY
Number of Analysts 15
Average target price 230,29 INR
Last Close Price 269,95 INR
Spread / Highest target 29,7%
Spread / Average Target -14,7%
Spread / Lowest Target -51,5%
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Managers and Directors
NameTitle
Rajeev Talwar Chief Executive Officer & Executive Director
Rajiv Singh Chairman
Vivek Anand Group Chief Financial Officer
Pia Singh Non-Executive Director
Dharam Vir Kapur Independent Non-Executive Director