Unitech scrips up 5% on bonus issue

DALAL STREET SPIKES

Unitech shares were up 5 per cent to Rs 9,377.05 after the company approved bonus issue in the ratio of 12:1. It also announced a stock-split of one equity share of Rs 10 into 5 equity shares of Rs 2 each.

The company derives a large proportion of its revenues from real-estate development and construction. The real-estate projects include residential as well as commercial buildings.

It has received orders from state authorities for construction of roads, highways, flyovers and power transmission lines.

This has also enabled the company to foray into overseas markets such as Libya. Last year, it picked up 33 per cent stake in Home Solutions Retail India (HSRL), Pantaloon Retail's home furnishing subsidiary. HSRL recently started operations in Mumbai.