Unitech rose 15.69% to Rs 4.72 at 12:04 IST on BSE on media reports that the authorities in Greater Noida may soon implement an exit policy to allow builders to surrender surplus land.
Meanwhile, the BSE Sensex was down 367.15 points, or 1.38%, to 26,268.60
On BSE, so far 1.26 crore shares were traded in the counter, compared with an average volume of 48.34 crore shares in the past one quarter. The stock hit a high of Rs 4.90 and a low of Rs 4.02 so far during the day. The stock hit a 52-week high of Rs 8.44 on 24 June 2015. The stock hit a 52-week low of Rs 3.43 on 11 February 2016. The stock had underperformed the market over the past one month till 10 June 2016, falling 0.97% compared with 3.28% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 25.55% as against Sensex's 7.76% rise.
The small-cap company has an equity capital of Rs 523.26 crore. Face value per share is Rs 2.
According to reports, authorities in Noida-Greater Noida region - one of the biggest housing markets in the National Capital Region (NCR) - may soon implement an exit policy for builders looking to surrender surplus land.
Arun Vir Singh, CEO of Yamuna Expressway Industrial Development Authority (YEIDA) was quoted by media as saying that authorities of Noida, Greater Noida and Yamuna Expressway will soon firm up a proposal on this and send it to the Uttar Pradesh government for approval. He added that many developers had been asking for an exit policy because of slow sales.
Unitech has a large exposure in NCR, which encompasses the entire National Capital Territory of Delhi.
On a consolidated basis, Unitech reported net loss of Rs 539.46 crore in Q4 March 2016 compared with net loss of Rs 162.54 crore in Q4 March 2015. Total income fell 51.64% to Rs 511.52 crore in Q4 March 2016 over Q4 March 2015.
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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