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Wednesday, June 01, 2016

Unitech Ltd: Buy
CMP: Rs.3.90
At the time of announcement of results, Sanjay Chandra, Managing Director of Unitech said that the company's focus has been primarily on completing the ongoing projects and delivering the finished product to its customers. 

Balance expected receipts from these ongoing projects combined are sufficient not only to meet the remaining construction expenses but also to service the debt, if any, against these projects. The company has been taking various measures, such as creation of project specific escrow accounts, to boost customer confidence and improve conditions so as to generate liquidity needed for completing the ongoing projects. Apart from improving collections, company is also mobilising funds from banks and financial institutions. With these measures company is hopeful of completing the ongoing projects in the next few quarters in a phased manner, he added.

In the last quarter, the company made certain organisational changes to give sharper management focus to individual projects. These changes should result in further accelerating the delivery by resolving project specific issues in a focused manner according to Mr.Chandra. 

The organisational changes have been made as Unitech Ltd was facing consumer complaints and protest in some of its projects due to delay in completion of projects. 

On operational front, Unitech achieved a sales bookings of Rs.832 crore in the first nine months of this fiscal and completed 3.03 million sq ft of area in the 1st nine months of FY16. 

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.

Therefore, buy as much as you can at the CMP of Rs.3.90-3.95 (and in all dips), for a target of Rs.5.40 (keep holding don't do intra-day). 

The commentary from the management this time, is very strong and hence it is expected to cross Rs.10, within the next 6 months of time frame, doubling your money. So, this is a must buy stock, in your portfolio. 
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