Unitech shares surge nearly 7 per cent after Q1 net loss narrows

Realty firm Unitech's scrip surged nearly 7 per cent on Thursday as the company's consolidated net loss narrowed to Rs 43.18 crore for the first quarter ended June 30, on account of higher sales.

The stock moved up by 5.42 per cent to settle at Rs 6.42 on the BSE. During the day, it surged 10 per cent to Rs 6.70.

On the National Stock Exchange (NSE), shares of the company jumped 6.61 per cent to end at Rs 6.45.

The company's market valuation rose by Rs 85.6 crore to Rs 1,678.60 crore.

In terms of volume, 90.62 lakh shares of the company were traded on the BSE and over 4 crore shares changed hands at the NSE during the day.

The Gurgaon-based developer had posted a net loss of Rs 279.45 crore in the corresponding quarter of the previous financial year (FY).

Total income increased to Rs 487.88 crore in the first quarter compared to Rs 381.43 crore in the same period of the previous FY.

"The net loss of the company narrowed from Rs 279.45 crore to Rs 43.18 crore," Unitech said in a statement.

As of June 30, the consolidated net debt was Rs 5,265 crore.