Unitech soars on hotel property sale

DALAL STREET SPIKES

Shares of Unitech spurted 10.5 per cent to close at Rs 37.9 on reports that the company is on the verge of selling its hotel property in Gurgaon in the next two weeks. Unitech expects to earn around Rs 300 crore from the sale of the 200-room budget hotel Courtyard by Marriott, which will help repay its debt.

The stock made an intraday high of Rs 38.6 and a low of Rs 35.2, with trading volumes of 2,29,22,936 shares. The stock has risen by 74 per cent from its 52-week low of Rs 21.80, made on November 28, 2008.