Shares of realty firm Unitech today surged nearly 7 per cent after it sold 74 acres of land in Gurgaon, Chennai and Hyderabad for Rs 260 crore to boost cash flow and complete ongoing projects.
The stock moved up by 6.13 per cent to close at Rs 5.37 on BSE. During the day, it soared 9.28 per cent to Rs 5.53.
On NSE, shares of the company jumped 6.93 per cent to end at Rs 5.40.
In terms of volume, 68.62 lakh shares of the company were traded on BSE and over 3 crore shares changed hands on NSE during the day.
The Gurgaon-based developer has sold 41 acres in Hyderabad for Rs 160 crore, 19.05 acres in Chennai for Rs 67 crore and 13.55 acres in Gurgaon for Rs 33 crore.
These land parcels were sold during the second half of 2016-17, according to a presentation.
With real estate sector facing multi-year slowdown, Unitech has decided to surrender a big chunk of land parcel in Noida to the local development authority as the company has been unable to clear dues of about Rs 4,000 crore.
Disclaimer: No Business Standard Journalist was involved in creation of this content
