Buy DLF Ltd with target price at Rs 290

In a chat with ET Now, Jigar Shah, Senior VP and Head of Research, Kimeng Securities India Private Ltd, shares his views on DLF Ltd.

What is your call on DLF Ltd?

We had buy on DLF for sometime now for at least about six months and we were one of the first to upgrade since they started more aggressively on the balance sheet restructuring.

They have moved quite well ahead in terms of achieving some sense on the paring of debt and we believe that with the interest rate cut cycle extending in FY14, the overall outlook for property should also improve. So on the whole, we are positive.

We have increased our target price to Rs 290 on DLF from Rs 255 after the 3Q and we remain positive on select property stocks including Sobha and Indiabulls Properties.