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Unitech rises

April 21, 2010

INDIA-STOCKS/
Shares in Unitech, India’s second-largest listed real estate firm rose on Wednesday after it announced the demerger of its infrastructure operations, including the telecom business, into a new entity to unlock the value of none-core businesses.

The stock ended 2.4 percent higher at 85.55 rupees and was among the top traded stocks of the day with volumes of over 15 million shares.

For every one share held in Unitech Ltd, shareholders will get one share of the new firm Unitech Infra Ltd, to be listed on the stock exchanges, said the New Delhi-based firm in a statement after a board meeting.

The counter so far this year has given a positive return of over 4 percent. Do you think it is the right time to invest in the stock?

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