Delhi-based realty firm Unitech Ltd has registered net profit of Rs 415.56 crore for the second quarter ended September 30, 2008 as compared with Rs 138.09 crore reported during the same quarter in 2007.

The total income for the quarter has also surged to Rs 906.33 crore from Rs 572.60 crore in the year-ago period. However, company's consolidated net profit declined by 12.48 per cent to Rs 358.92 crore for the July-September quarter.

The company had a net profit of Rs 410.12 crore in the same quarter last fiscal. Recently,

Nicosia, Oct 29 : Real Estate Developer Limitless, part of the Dubai World Conglomerate, has invited construction firms to submit bids for the second phase of earthworks on the 11 billion dollars Arabian Canal project. 

The contract involves the excavation of about 300 million cubic meters of earth along an 8.5 kilometre stretch of the canal’s route.

The 75 km-long Arabian Canal waterway, which will be up to 150 metres wide and six meters deep, will start near the Dubai Marina area, flowing inland around the planned Jebel Ali International Airport and will enter the sea once again at the outer end of the Palm Jebel Ali. 

The Lodha Group, a Mumbai-based realty player, has decided to enter the Hyderabad market with an estimated investment plan worth Rs 800-crore.

The company plans to build a project christened ‘by Invitation’ to focus on the ‘luxury’ market segment, which would be its first major initiative for the group outside Maharashtra.

Emami Ltd, one of the fastest growing FMCG Company in India, is presently in the process of exiting from the real estate business by selling 100% stake of its wholly-owned subsidiary, Emami Realty Ltd. 

A top company official stated that Emami is currently in talks with other parties for selling the stake of the company in the realty firm. 

According to them, it could be one of the various group companies of Emami to buy out the stake, or any other entity outside the group. 

Unitech, country's second largest real estate firm has informed that it has decided to divest 26% to 45% stake in its telecom venture to a strategic partner, within a month.

Presently, the company is scouting for a strategic partner who can help it, to build the telecom business.

Unitech is among the few companies, which had recently bagged telecom licences along with Swan, Datacom and Shyam Telelink. The company has secured licences for 22 circles and spectrum in 13 circles.