Unitech shares continue to rise, surge over 8%

Rising for the fourth-straight session today, stocks of Unitech surged over 8 per cent, following massive buying by investors.

The stock jumped 7.76% to settle at Rs 5.14 on BSE. During the day, it soared 12.95% to Rs 5.48.

At NSE, shares of the company surged 8.42%to close at Rs 5.15.

On the volume front, 315.50 lakh shares of the company were traded on BSE and over 12 crore shares changed hands at NSE during the day.

While there was no clear reason for the rally in the stock, it had gained over 17%in the previous session also, amid a bulk deal that saw purchase of shares worth nearly Rs 7 crore.

In four trading sessions, the stock has gained nearly 33%.

Rally in the stock comes against the backdrop of negative news flow regarding the real estate major.

As per latest bulk deal data available with the NSE, Cresco Futures bought 1.44 crore shares of the company at a price of Rs 4.60 apiece, valuing transaction at over Rs 6.6 crore.

At the same time, in another bulk deal, the same entity sold little over 1.19 crore shares worth Rs 5.53 crore. These scrips were offloaded at a price of Rs 4.63 apiece.

Responding to reports that the company has to pay over Rs 60 lakh for failing to deliver apartments, Unitech said it has not got the certified copy of the order.

"The company has not received certified copy of the order and will accordingly take such appropriate legal recourse, as may be required or advised, upon receipt of such copy," it had said in a regulatory filing yesterday.