Meanwhile, the BSE Sensex was down 322.65 points, or 3.65%, to 8517.22.On BSE, 1.41 crore shares were traded in the counter. The scrip had an average daily volume of 63.59 lakh shares in the past one quarter.The stock hit a high of Rs 24.40 and a low of Rs 21.85 so far during the day. The stock had a 52-week high of Rs 546.80 on 2 January 2008 and a 52-week low of Rs 21.80 on 28 November 2008.
The stock had underperformed the market over the past one month till 28 November 2008, declining 50.05% as compared to the Sensex's 9.69% fall. It had also underperformed the market in the past one quarter, falling 84.84% as compared to the Sensex's fall of 39.03%.
India's second largest real estate developer by market capitalisation has an equity capital of Rs 324.68 crore. Face value per share is Rs 2.The current price of Rs 23.45 discounts its Q2 September 2008 annualised EPS of Rs 10.24, by a PE multiple of 2.29.
Unitech's cash flow is under severe stress due to weakening sales, high net debt to equity ratio of 1.8:1 and commitments for the telecom venture, the report added. Merrill Lynch expects the pressure on the cash flow to increase due to weak sentiment which will deter buyers.
Unitech's net profit rose 200.9% to Rs 415.56 crore on a 59.5% rise in sales to Rs 844.65 crore in Q2 September 2008 over Q2 September 2007.Unitech develops residential areas, commercial spaces, amusement parks, infrastructure development, thermal power plants, transmission lines, highways, flyovers, industrial facilities, steel plants, and overseas turnkey projects.
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