Unitech gains over 8% in two sessions

Unitech rose 6.59% to Rs 15.52 at 14:42 IST on BSE, extending Thursday's 1.61% rise triggered by the company's announcement that it has been approached by a third party for its stake in Candor Investment.

The company made the announcement during trading hours on Thursday, 3 April 2014. Shares of Unitech rose 1.61% to Rs 14.56 on 3 April 2014. The stock has risen 8.30% in two trading sessions from Rs 14.33 on 2 April 2014.

Meanwhile, the BSE Sensex was down 130.99 points, or 0.58%, to 22,378.08.

On BSE, so far 88.76 lakh shares were traded in the counter, compared with an average volume of 39.44 lakh shares in the past one quarter.

The stock hit a high of Rs 15.56 and a low of Rs 14.31 so far during the day. The stock hit a 52-week high of Rs 31.50 on 20 May 2013. The stock hit a 52-week low of Rs 10.86 on 4 March 2014.

The stock had outperformed the market over the past one month till 2 April 2014, rising 25.04% compared with the Sensex's 6.78% rise. The scrip had, however, underperformed the market in past one quarter, falling 6.03% as against Sensex's 7.96% rise.

The mid-cap company has an equity capital of Rs 523.26 crore. Face value per share is Rs 2.

Unitech said that Unitech Corporate Parks Plc (UCP) has announced that it has received an approach from a third party expressing interest in potential acquisition of its wholly-owned subsidiary Candor Investment and that it is currently in discussions regarding a possible sale of this subsidiary.

Unitech also said that along with the approach to UCP, the Unitech Group has also been approached by a third party in relation to a strategic alliance for carrying out the remaining development of the IT SEZs/Parks currently under development along with the potential acquisition of its stake in certain IT SEZs/Parks.

On a consolidated basis, Unitech's net profit fell 61% to Rs 32.83 crore on 13.5% increase in net sales to Rs 731.68 crore in Q3 December 2013 over Q3 December 2012.

Unitech is a leading real estate developer in India. It offers the most diversified product mix comprising residential, commercial/IT parks, retail, hotels, amusement parks and SEZs.

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