Unitech jumped 6.13% to Rs 5.27 at 14:20 IST on BSE after reports suggested that the company has sold 74-acre land in Gurgaon, Chennai and Hyderabad for Rs 260 crore.
Meanwhile, the S&P Sensex was down 240.40 points or 0.77% at 30,897.81. The S&P BSE Small-cap index was down 259.94 points, 1.69% at 15,121.96.
High volumes were witnessed on the counter. On the BSE, 51 lakh shares were traded on the counter so far as against the average daily volumes of 41.44 lakh shares in the past one quarter. The stock had hit a high of Rs 5.53 and a low of Rs 5.13 so far during the day.
The stock had hit a 52-week high of Rs 9.05 on 18 July 2016 and a 52-week low of Rs 3.89 on 29 December 2016.
The stock had underperformed the market over the past one month till 23 June 2017, falling 6.81% compared with 2.55% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 11.38% as against Sensex's 6.16% gains. The scrip had also underperformed the market in past one year, falling 12.91% as against Sensex's 15.32% gains.
The small-cap company has equity capital of Rs 523.26 crore. Face Value per share is Rs 2.
The land parcels were sold to boost company's cash flow and complete ongoing projects faced by cash crunch, report added.
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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.
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 4000 crore, report said.
On a consolidated basis, Unitech reported net loss of Rs 290.20 crore in Q4 March 2017 compared with net loss of Rs 500.68 crore in Q4 March 2016. Net sales rose 6.5% to Rs 467.53 crore in Q4 March 2017 over Q4 March 2016.
Unitech is one of India's leading real estate player. It has a diversified product mix in real estate comprising of commercial complexes, IT/ITes parks, special economic zones (SEZs), integrated residential developments, schools, hotels, malls, golf courses and amusement parks.
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