Norwegian telecom firm Telenor has forwarded a divorce notice to Unitech
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Unitech Ltd Stock News, Analyst Calls And Reviews
Unitech Ltd, India’s third-biggest realty developer by market value, reported a halving of its quarterly net profit, as the company was hit by a decrease in demand for houses in a growing interest rate situation.
Debt-laden developers have been hit by slowing sales as 13 interest rate hikes since March 2010 by the central bank in Asia’s third-biggest financial system have enhanced the cost of repayments and discouraged prospective homebuyers.
In a declaration, Unitech managing director Ajay Chandra stated, “Business environment remained challenging during the quarter affecting the company’s ability to scale up the construction activity.”
“Towards the end of the quarter, though, there have been some early signs of improvement in the environment,” he stated, appending the company’s urgent priority is to augment the construction action at its project sites.
Unitech recorded a 50% decline in the net profit, which stood at Rs 55.2 crore ($11.2 million) for the three month period ended December 31 as against Rs 110 crore a year earlier.
Company’s net sales remained down by 22% at Rs 514 crore.
Unitech also possesses a minority equity stake in a telecom JV with Norway’s Telenor.
Unitech’s MD Sanjay Chandra and the telecom JV are amongst 19 individuals and six firms charged by the police in a huge telecoms licensing scam.
All charged in the telecommunication case have refused any misconduct.
Scrip of Unitech ended 0.7% up on Tuesday at Rs 29.75, before the company’s outcomes were declared.
The stock will give good results in the medium or long term.
The investors can buy the stock on declines.
Norwegian telecom firm Telenor has forwarded a divorce notice to Unitech
A day after Telenor declared it was parting ways with Unitech Ltd, the latter has hit back claiming that the shareholders' deal b/n firms had a 'non compete' clause that stops the Norwegian telecoms giant from bidding for airwaves in the forthcoming auctions or taking fresh mobile permits here with a novel associate.
