Goldman Sachs upgraded its rating for DLF to "buy" from "neutral", citing upcoming residential project launches worth 130 billion rupees over the next three quarters.

The upcoming projects include residential developments in Gurgaon, close to the capital, New Delhi.

Goldman said DLF would also benefit from expected cuts in interest rates and continued debt reduction.

The investment bank raised its 12-month target price on DLF shares to 295 rupees from 224 rupees. The company's shares were down 1 percent at 248.8 rupees as of 10:11 a.m..