Stock market analyst VK Sharma maintained ‘Buy’ rating on Unitech for a short term target between Rs 405- Rs 436.

According to Mr. Vasudeo, interested traders can buy the stock around 80.20 with a strict stop loss of Rs 78.20.

The shares of the company, on Friday (June 22) closed at Rs 395 on the Bombay Stock Exchange (BSE). Current EPS and P/E of the stock stood at 5.62 & 14.36 respectively. The share price has seen a 52-week high of Rs 201 and a low of Rs 21.80 on BSE.

Unitech got shareholders` nod to lift up additional long-term funds via further issuance of securities in the company.

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

During April this year, Unitech mobilised Rs 16.25 billion via issue of fresh shares to select foreign and domestic investors.

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

The company on June 10 said that it has sold its entire 40% stake and has exit from New Kolkata International Development (NKID) (P), a special purpose vehicle (SPV) formed to develop a number of large projects in West Bengal, comprising the projected petroleum, chemicals and petrochemical investment region (PCPIR) at Nayachar.

Moreover, it also plans roll out a new brand, Uni Homes, for reasonable housing projects.

These projects will be priced at Rs 10-30 lakh. The first project under the brand will be in Chennai, followed by Manesar in the national capital region.