DLF to replace Dr Reddy's on Sensex
DLF Ltd's stock would replace Dr Reddy's Laboratories Ltd's stock in the benchmark index, says the BSE.
Real estate developer DLF Ltd's stock would replace Dr Reddy's Laboratories Ltd's stock in the benchmark index, the Bombay Stock Exchange (BSE) said in a statement in Mumbai on Monday.
The replacement will be effective from Nov 19 in the BSE Sensex, the bourse said.
This move is expected to be positive for DLF as funds which track the index will now take positions in the stock, said a leading stockbroker in Mumbai.
DLF Ltd had entered the capital markets this July with an initial public offering (IPO) of 175 million equity shares through a 100 per cent book building process.
Incorporated in 1946, the DLF group is a leading real estate developer based in New Delhi. The group has over 220 million sq ft of existing development and 574 million sq ft of planned projects. In September 2006 DLF was the only real estate firm among the 60 businesses named Superbrands of India under the real estate category.