In today’s briefing:
- Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion
- DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?
- India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF
Vishal Mega Mart (VMM IN): Increased Float & Global Index Inclusion
- An increase in the stock price and free float should result in Vishal Mega Mart (VMM IN)‘s inclusion in a global index in August.
- Estimated passive buying is 191m shares (US$312m; 5.8x ADV; 15.4x delivery volume) at the close of trading on 26 August.
- The index inclusion could take the stock higher in the short-term but buyers in the June placement could be looking for an exit.
DLF’s Mumbai Re-Entry: A New Era for Premium Real Estate?
- DLF Ltd (DLFU IN) re-entered Mumbai after a decade with ‘The Westpark’, a luxury project in Andheri West, featuring 416 apartments and INR 800-900 crore investment
- Company launched a Mumbai luxury project targeting INR 2,000-2,300 crore revenue from phase one, with broader market expansion and new launch plans
- This signals a strategic shift for debt-free DLF towards high-margin luxury developments, leveraging Mumbai’s booming market and demand for premium homes
India Real Estate: Domestic Demand & Infrastructure Boom – LONG DLF
- As the second largest population in the world, India real estate is on a transformational path, driven by economic growth and domestic demand
- In particular, we think the rapid urbanization, rising disposable income, infrastructure demand as well as capital inflow from NRI provided further boost to the sector
- We like DLF, which is one of the largest real estate developers in the country, on the back of its product positioning and strong fundamentals
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