The realtor is also in negotiations with banks to restructure an additional Rs 500 crore of loans as part of its plan to cut debt and secure funding to complete existing projects.

The Gurgaon-based realty firm, whose stock is now trading at less than a tenth of its 52-week peak on the Bombay Stock Exchange (BSE), plans to draw down $110 million (Rs 540 crore) from Unitech Real Estate International Fund to invest in its realty projects in the National Capital Region (NCR). When contacted, the company declined to comment on the development.

Last year, Unitech received commitments of $330 million (Rs 1,620 crore) for its international fund, which was launched exclusively to raise money to invest in the company’s residential projects.

The realty major is also in talks with PE funds to raise $300 million (Rs 1,480 crore) at the corporate level and as much as $150 million (Rs 740 crore) for specific residential projects being developed in Hyderabad and Kolkata. While the company expects to tie up PE funding for its Hyderabad and Kolkata projects, being developed through special purpose vehicles (SPVs), by the end of March 2009, PE funding at corporate level is expected only after the fortunes of the market turn for the better.

Unitech has admitted that it has a debt of Rs 8,000 crore on its balance sheet, of which it has to repay Rs 2,500 crore by March 2009.

Of the Rs 2,500 crore, the developer has already restructured Rs 1,000 crore of loans with banks and is in talks to restructure an additional Rs 500 crore. It expects to complete the process by the end of this month.

For the balance Rs 1,000 crore. The company is in talks to sell its Gurgaon-based hotel project and also the project in the national Capital’s Saket area to meet the remaining Rs 1,000 crore. However, a report by CLSA said Unitech needed to repay Rs 1,000 crore of debt to mutual funds this quarter, indicating trouble for the company. Unlike banks, where it has the option of restructuring loans, the debt owed to mutual funds will have to be repaid by this quarter, the CLSA report said. However, Unitech has disputed the report, saying the company did not owe debt to mutual funds.

The financial services company reported a net profit growth of 21.4% to Rs 136 crore for the second quarter ended September and said that it does not plan to expand its loan portfolio from the current Rs 11,000 crore due to adverse market conditions.

The company saw loan repayments of Rs 2,000 crore during July-September and did not face any problems with large-ticket loans, Director Gagan Banga said.

Brokers said market sentiment has improved on positive move taken by the central banks to ease liquidity crisis that boosted the financial and realty stocks. Realty index of BSE was up 7%, while Bankex was up 4% in afternoon trading.

The board has also approved the fixed deposit scheme of the company for the year 2008-2009.

DS Kulkarni Developers is a real estate developer. It was incorporated on Sept. 20, 1991. The company has developed real estate projects in and around Pune and Mumbai.

Shares of the company declined Rs 4.6, or 6.79%, to end at Rs 63. The total volume of shares traded was 8,020 at the BSE (Friday).

”We will commence construction of a high-rise tower in two months. The entire project will be sold off in the next 24 months,” chairman Nusli Wadia told shareholders at the company’s AGM.

Although it would be difficult to fix a value for the upcoming project, real estate market sources said that the company could earn a few thousand crores. However, the value will depend on the state of the real estate market, which has shown signs of weakness of late.

“It’s anyone’s guess where the market is headed for in the next two years,” said a real estate analyst on condition of anonymity. Bombay Dyeing had started selling its Spring Mills project at Dadar in 2006 at an introductory price of Rs 10,200 per square feet, which zoomed to Rs 25,000 per square feet in January 2008.

The company is redeveloping its Spring Mills property in Central Mumbai into a residential tower, 84% of which has been sold. The work at Dadar and Worli is also under way, with two commercial and IT/ITeS towers expected to be ready by 2009-10. “This is 45% ready,” Mr Wadia said. “Instead of our earlier plans to lease out part of the property, we are now looking selling,” he added.

Bombay Dyeing, which suffered a Rs 48-crore loss for the quarter ended June 2008, is likely to take a hit in the second quarter too. “We expect a further loss due to production of polyester stable fibre, which started in October 2008. The second quarter is also expected to be the same (loss-incurring). We see positive results in the third quarter,” Mr Wadia said.

The company’s stock closed at Rs 564.6, up 4.91% in a buoyant BSE. The company, which recently entered Dubai, plans to invest in other overseas textiles retail market.

Merrill Lynch Capital Markets Espana SA SV has acquired as much as 11.63 lakh equity shares representing 1.03% stake in Ansal Properties through secondary market purchase route. Prior to this transaction the foreign fund house had 4.94% stake, which got increased to 5.96% after the acquisition of the 1.03% stake in the company.

Calculated on the basis on the closing share price of Ansal Properties, the deal value amounts to about twelve crore rupees. The company had said that it would invest thirty-six hundred crore rupees for developing two hundred seventy acres IT SEZ and parks in the country. The proposed SEZ would consist of an IT zone, commercial zone, residential zone and a recreational area. Shares of the company closed at Rs 101.60, down 4.38% on the BSE.

The announcement lifted the sentiment of the stock on 02nd July. It was ruling at all-time low of Rs 350.30 on the BSE, but ended the day with a gain of 15 % at Rs 423.95 against 01st July closing price of Rs 368.40.

DLF  promoted by billionaire Mr K.P. Singh  had debuted on the Bombay Stock Exchange (BSE) in July last year at Rs 582 per share, almost 11 % higher than the issue price of Rs 525 per share. However, the stock value has eroded since the start of 2008, after it opened the year at Rs 1,055, it reached an all-time high of Rs 1,225 (on January 15, 2008), and a low of Rs 350.30 on 02nd July.

“The shares today are at a level lower than the intrinsic value of the company. The company wants to give a signal to its shareholders and the market that it will take the necessary steps to ensure that the stock is quoting at a fair value. The company is concerned that the stock is quoting below the issue price,” a DLF official said.

However, the company has not specified the size of the proposed buyback or its price. Sources said that the company was likely to consider an open market route for the buyback.

At present, the public holding in the company is pegged at about 12 %. The company has cash of about Rs 2,000 crore on its balance sheet, sources pointed out.

The real estate sector has been at the receiving end of the bourses following the increase in interest rate and on firm inflation numbers.

According to Enam Securities, “Given the falling demand/capital values, project sales/internal accruals falling short of funding requirement, more pain is expected in the near term. It is time to tread cautiously on this sector, the report added.

“Due to rising interest rates and property prices in the last one year, there has been decline in the transaction volumes in the residential side. Prospective buyers are now waiting on the sidelines for the property prices to correct. In the wake of increasing interest rate scenario, we are increasing our discounting rate assumption for the real estate companies under our coverage,” said a recent Emkay report.

On 9th june(today), Stock markets opened lower and BSE benchmark Sensex dropped below 15,000. Real Estate, Banking and Metal stocks were among worst hit. Real estate major DLF touched its lifetime low in today’s trading session. At 1.30 pm, BSE Sensex was down by 519 points at 15,053.

ITC, RCom, Reliance Industries, L&T and ONGC were among major losers. Tata Motors, Tata Steel and TCS were trading lower compared to Friday’s close. ICICI Bank, HDFC Bank, HDFC and SBI were trading much lower compared to earlier close.

Ranbaxy Labs was the only stock among heavyweights trading in positive zone. Technology stocks were trading marginally lower.
Global markets are also weak due to slowdown in economic growth and higher oil prices. US unemployment data hit investor sentiment and Dow Jones closed lower last week.

The company had a net profit of Rs 1,933.65 crore in 2006-07 fiscal, DLF said in a filing to the Bombay Stock Exchange.

The total income rose to Rs 14,683.91 crore from Rs 4,053.3 crore in 2006-07.

The board has declared a dividend of 200%, at the rate of Rs 4 on shares of face value Rs 2 for 2007-08 fiscal.

For the year ended March 31, DLF reported a net profit of Rs 2,574.59 crore, a over six-fold rise over the year-ago period. The company had a net profit of Rs 406.91 crore in FY’07.

The standalone total income rose to Rs 6,058.46 crore in FY’08, from Rs 1,429.49 crore in the previous fiscal.

Shares of DLF were trading at Rs 574.15 at the BSE, down 1.43% in the early morning.

Unitech, a Nifty component, has posted a gain of 4.6%. Penland, HDIL, Sobha Developers, Ansal Infrastructure, Omaxe, Parsvnath Developers and Mahindra Lifespace have gained 2.5% – 4.5%. India Bulls Real Estate has gained 1.5% at Rs 548.90. Anant Raj Industries is up with a modest gain of 0.65% at Rs 298.

Hindalco has jumped by 5.8% to Rs 197. HDFC has come off its high of Rs 2881, but at Rs 2846, still remains high up in the positive territory with an impressive gain of 4.65%. Jaiprakash Associates is up with a gain of 4.25%.

Satyam Computer Services, which zoomed to Rs 486.90 this afternoon, is up with a handsome gain of 7.75% despite having eased a bit to Rs 477.15. Infosys Technologies has notched up 4.4%. Wipro and Tata Consultancy Services are up by around 4.25% and 3.5% respectively. A host of other stocks from the IT space have also recorded handsome gains.

Reliance Industries, State Bank of India, Tata Steel, Larsen & Toubro and Grasim Industries are up by 2% – 3%. Ranbaxy Laboratories, Reliance Energy, Hindustan Unilever, ICICI Bank, Ambuja Cements, NTPC and ACC have also moved up sharply.

Out of 2663 stocks seen in action on BSE, 1546 stocks are up in the positive territory. 1058 stocks have posted losses and 59 stocks trade flat.