Anil Manghnani of Modern Shares & Stock Brokers is of the vision that the investors interested in buying Unitech, will buy it between Rs 460 and Rs 439.

Manghnani stated, “Real estate stocks seem to be reflecting what the Asian markets are doing or what some of the other world markets are doing. If you see the Dowstocks and they tend to go up also much faster than the rest of the market, so no surprise that they come down also equally fast. You could call for some buying opportunities, for Unitech anywhere between Rs 460 and Rs 439 would be the buying range. DLF is still strong in the fact that it has not broken the listing day lows. That was around Rs 540-550 on, it has fallen about 10% from the top but if you look at some of the Asian markets, the Hang Seng is down over 15-16%, Taiwan about 13-14%, CAC about 14-15%. So the other market seems to be falling much faster and even though we are blaming subprime in the US for this whole crash, it seems like we are being high beta countries, we seem to react a lot more. That is the same situation with realty and infrastructure stocks. They are high beta DLF, so closer to those levels that also would be a buy.”

Unitech’s prime activity is to offer realty services. The group works in three different segments: real estate, construction and consultancy. Realty consists of development of small cities and towns, building of housing and commercial complexes including shopping malls and various types of dwelling units.

The Construction actions comprise construction of highways, roads, powerhouses, transmission lines, refineries, hotels, hospitals and various types of other buildings/structures, in India as well as overseas. Consultancy and administration services include supervision of project execution, marketing of realty ventures for associate and joint ventures.