Unitech fell 2.35% to Rs 47.85 at 12:56 IST,on 14th Nov'08, on BSE on buzz it is in talks with HDFC to sell a 2-lakh square feet office in New Delhi.
The stock hit a high of Rs 51.90 and a low of Rs 46.35 so far during the day. The stock had a 52-week high of Rs 546.80 on 2 January 2008 and a 52-week low of Rs 26.60 on 24 October 2008.
The large-cap stock has an equity capital of Rs 324.68 crore. Face value per share is Rs 2.
The current price of Rs 47.85 discounts its Q2 September 2008 annualised EPS of Rs 10.24, by a PE multiple of 4.67.
Unitech's Saket office property in New Delhi was mortgaged with HDFC as collateral for Rs 30 crore by the real estate developer. A capital crunch has forced the company to sell the office, reports suggest. Most real estate firms have been facing a severe cash crunch as sales have slowed down and credit has become tight. With the crisis deepening in the real estate space, rating agencies have been downgrading realty firms.
Unitech's net profit rose 200.9% to Rs 415.56 crore on 59.5% rise in sales to Rs 844.65 crore in Q2 September 2008 over Q2 September 2007.
Unitech develops residential areas, commercial spaces, amusement parks, infrastructure development, thermal power plants, transmission lines, highways, flyovers, industrial facilities, steel plants, and overseas turnkey projects.
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