DB Realty, Unitech hit 52-week high; shares zoom over 75% in two weeks

DB Realty locked in upper circuit of 10% at Rs 63.40, has rallied 82% from Rs 34.75 on December 18

Shares of real estate companies DB Realty and Unitech surged upto 18%, extending their rally in past eight trading sessions in otherwise range-bound market. These stocks hit their respective 52-week highs on the BSE in intra-day trade.

DB Realty was locked in upper circuit of 10% at Rs 63.40 on the BSE, after the real estate developer said its promoter increased their holding in the company through open market purchase.

Till 11:08 AM; a combined 2.44 million shares changed hands and there were pending buy orders for 1.5 million shares on the NSE and BSE.

“Vinod Goenka HUF, promoter of the company, purchased 36,500 equity shares of the company through market purchase on December 26, and December 27, 2017,” DB Realty said in a regulatory filing. Post transaction, Vinod Goenka HUF holding in DB Realty increased to 1.30% from 1.29% earlier.

In past two weeks, the stock of DB Realty has zoomed 82% from Rs 34.75 on December 18, 2017, after the CBI Special Court verdict in connection with 2G spectrum case.

On December 21, D B Realty announced that in the matter of 2G spectrum allocation case pertaining to the grant of 2G licenses, the Hon'ble CBI Special Court has passed the order acquitting Vinod Goenka and Shahid Bawa, the managing directors and key managerial persons of the Company and both have been released from all allegations.

Unitech too hit 52-week high of Rs 11.34, up 18% on the BSE in intra-day today. The trading volumes on the counter nearly doubled with a combined 145 million shares changed hands on the BSE and NSE so far. The stock surged 74% in past two weeks from Rs 6.53.