Unitech up on investment plans

DALAL STREET SPIKES

Unitech shares surged by 9.17 per cent to close at Rs 38.10 on reports that the realty major plans to invest Rs 2,500 crore, to launch 10,000 low-cost residential units for the middle class. According to reports, housing units would be offered to customers in the range of Rs 30-50 lakh.

The firm will launch affordable housing projects in Gurgaon, Noida, Greater Noida, Kolkata and Chennai, where it has land banks. The stock made an intraday high/low of Rs 38.70/Rs 32.90, with volumes of 2,41,38,018 shares. The scrip is up by 75 per cent from its 52-week low of Rs 21.80 (November 28, 2008).