CLSA downgrades Unitech stock

CLSA has downgraded Unitech stock to outperform from buy and cut price target to 35 rupees from 50 rupees citing bearish outlook and weak earnings.

Unitech8217;s non-property revenues declined 22 percent year-on-year in FY11 to 2.3 billion rupees,as construction business declined,CLSA said.

Key disappointment was a slow 12 percent year-on-year rise in realty revenues. Unitech8217;s execution ramp-up was slower than expected here,it said.

At 10.29 a.m.,Unitech shares were down 1.78 percent to 30.30 rupees.

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