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Unitech shares jump 10% after JP Morgan upgrade

Unitech shares jump 10% after JP Morgan upgrade
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First Published: Thu, Mar 24 2011. 03 29 PM IST
Updated: Thu, Mar 24 2011. 03 29 PM IST
Mumbai: Shares in Indian real estate firm Unitech jumped 10% in heavy volumes on Thursday, a day after JP Morgan raised the beaten down stock to “overweight” from “neutral”, citing cheap valuations, reasonable gearing, comfortable liquidity and high embedded land value.
At 3:06 pm, the stock was up 9.7% at Rs40.55, while the main stock index firmed 0.8%. The shares rose as much as 10% to Rs40.65 earlier.
The stock was the most traded on the NSE, with 69.7 million shares dealt and around 30 minutes of trade remaining, which was more than twice its 90-day daily average volume.
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First Published: Thu, Mar 24 2011. 03 29 PM IST
More Topics: Unitech | Shares | JP Morgan | BSE | NSE |