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This is an archive article published on March 23, 2011

JP Morgan upgrades Unitech stock

JP Morgan raised realty firm Unitech to 'overweight' from "neutral" on Wednesday.

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JP Morgan raised realty firm Unitech to “overweight” from “neutral” on Wednesday,citing cheap valuations,reasonable gearing,comfortable liquidity and high embedded land value.

It also raised its target price on the stock to Rs 60 from Rs 45. The shares are down more than 44 per cent year-to-date.

Unitech shares closed 1.4 per cent higher at Rs 36.95,while the main stock index gained 1.2 per cent.

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