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Unitech rallies 14%, logs 22% gains in 2 days

NEW DELHI: Shares of UnitechBSE 10.06 % jumped over 14 per cent in Wednesday’s trade, taking their two-day gains to 22 per cent after the realtor sold 74-acre land in Gurgaon, Chennai and Hyderabad for Rs 260 crore to boost its cash flow and complete ongoing project.

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.

On Wednesday, the scrip rose 14.52 per cent to the scrip rose 14.52 per cent to hit a high of Rs 6.15 on BSE. At this price, the scrip is up 21.78 per cent over its Monday’s closing of Rs 5.05.

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, PTI reported.