Unitech rallies on housing sale

Unitech has rallied 6% at Rs 39.05 on selling more than 300 units worth Rs 200 crore in its mid-income housing project at Gurgaon launched last week.

"The demand and pricing environment of the residential product is stable and there has also been a marked improvement in the demand for office spaces," a PTI report suggests, quoting the company's managing director Sanjay Chandra.

Meanwhile, a foreign brokerage house raised the company’s rating to "overweight" from "neutral" on Wednesday, citing cheap valuations, reasonable gearing, comfortable liquidity and high embedded land value. 

The stock opened at Rs 37.30 and hit a high of Rs 39.10 on the NSE. A total of 22.23 million shares have changed hands on the counter till early noon deals on both the exchanges.

Among the other realty stocks, Indiabulls Real Estate, DB Realty, HDIL, Orbit Corp, Sobha Developers and Parsvnath Developers are trading higher by 2-5% on the NSE.

The Bombay Stock Exchange (BSE) realty index, the largest gainer among sectoral indices, is up nearly 3% compared a sub-1% rise in the benchmark index Sensex.