In its latest research report, Nirmal Bang, an equity research firm said that Unitech can give good returns in the short term.

The report further stated that, if the counter is successful to breach 82, then it will create a huge breakout. Buy on dip as the counter has seen a 30% correction from the top of 104.

Nirmal Bang Research has advised its investors to hold the stock to achieve a target price above Rs 92.

Besides, the report has also suggested a support level between Rs 73-71 for the scrip.

Today (June 24), the shares of the company opened at Rs 77.15 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 5.62 and 13.89 respectively. The share price has seen a 52-week high of Rs 191.50 and a low of Rs 21.80 on BSE.

Realty player Unitech, on June 17, got stockholders nod to lift additional long-term funds by further issuance of securities in the company.

The company also received their sanction for issuance of warrants in the company to the promoters on a preferential basis.

During April 2009, Unitech mobilized Rs 16.25 billion via issue of fresh shares to choose foreign as well as domestic investors.

Of the funds raised via QIP, Unitech utilized Rs 7 billion for settlement of a part of its arrears, which is around Rs 78 billion.

Unitech, on June 10, said that its has sold its complete 40% equity stake and has quit from New Kolkata International Development (NKID) (P) including the proposed petroleum, chemicals and petrochemical investment region (PCPIR) at Nayachar.

Salim group and Universal Success bought the company’s entire 40% stake. Sources said NKID was now a 50:50 partnership between these two; earlier, Salim had a 40% stake and Universal had 20%.

Moreover, the company eyes to payback around Rs 20 billion of its arrears and bring it below Rs 60 billion by 2010 end.

The aim would be achieved through earnings from sale of different assets that comprise hotels and school plots, and also non-core investments.