Unitech shares end up 9 pct

Realty giant Unitech bounced over nine per cent on BSE,amid value buying by investors.

Realty giant Unitech bounced over nine per cent on BSE,amid value buying by investors at attractive levels.

Unitech,which had plummeted by 27.41 per cent in the month so far,rebound by 9.30 per cent on Wednesday to close at Rs 38.20 on Bombay Stock Exchange.

Similarly,the scrip witnessed a surge of 9.3 per cent to settle at Rs 38.20 on National Stock Exchange.

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Analysts said bargain hunting lifted the shares of the company,which had earlier remained under pressure due to the company’s alleged role in the 2G spectrum scam and its muted third quarter earnings.

According to brokerage firm Prabhudas Lilladher,disappointing revenue on the back of construction slowdown in the first month of the quarter and poor sales,along with Unitech’s involvement in 2G telecom controversy were a concern for the company.

Unitech had posted a nearly 37 per cent plunge in its December quarter net profit,which also contributed to the weakness in the company’s shares earlier this month.

Besides,as per the FIR filed by Central Bureau of Investigation,Unitech,after getting the 2G spectrum in 2007 -2008,had offloaded 60 per cent of its shares to Norway-based telecom company Telenor and earned a profit of 267 per cent even before its network was rolled out.

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Meanwhile,the BSE benchmark Sensex ended firm at 18,300.90 level,up 27.10 points from its previous close.

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