BSE Realty Index: Dumping ground
The BSE Realty Index is was having a bad day today:
| Current Value (REALTY) Last Updated On 1/9/2009 12:17:39 PM |
|||||||||||
| Open | High | Low | Current/ Close |
Shares Traded (In Crs) |
Turnover (Rs. Crs) |
No. of Trades | P/E | P/B | Yield | ||
| 1,876.89 | 1,985.97 | 1,497.68 | 1,696.98 | 3.19 | 283.62 | 212149 | 7.49 | 2.04 | 0.86 | ||
The all-time low is 1403 (seen on Dec 2, 08), not that far from today’s low (1498). And who can we thank for that? DLF - the biggest index constituent - was down almost 35% earlier today!
On a somewhat related note, Arjun forwarded me this link: 15 Indian Stocks that may shock you
2. DLF:
DLFs non-DAL revenues declined 44% QoQ to Rs22.5bn and around 40% of sales have been to DAL, a group entity. 44% of debtors are DAL and of total debtors, the share of DAL has increased during the quarter with DAL receivables increasing by Rs14.5bn QoQ.
During 1QFY09, sales to DAL were Rs15.6bn, which is marginally higher than the increase in receivables from DAL. We would like to add that DLFs high level of transactions with group company DAL and high level of receivables has been a point of debate since it went public.
The other index biggies - India Bulls RE & Unitech were also down double digits. As I said earlier - those with BS on their Balance Sheet will get taken out by the market.
PS: DLF, like Satyam, is a past winner of the Golden Peacock Corporate Governance Award.
PPS: Based on a similar level of in-depth due diligence that was conducted earlier,
the UK-based World Council for Corporate Goverance has decided to take back its highest honour– Golden Peacock Global Award for excellence in corporate governance in 2008 — it had bestowed on Satyam Computer Services four months ago.
Related Posts: