Mumbai: Shares of Unitech, the country's second-largest realty firm, advanced about 10 per cent on the Bombay Stock Exchange on heavy buying amid reports that JP Morgan Chase has upgraded the company's stock.
Analysts said Unitech has been raised to "overweight" from "neutral", with 15-month share price estimate of Rs 60, by JP Morgan.
Unitech closed the day at Rs 40.50. Intra-day, the scrip gained 10.28 per cent to a high of Rs 40.75.
Similarly, the stock spurted 8.93 per cent, to settle at Rs 40.25 on the National Stock Exchange.
The property developer had said yesterday that it has received over 300 bookings, garnering almost Rs 200 crore in its crucial Unitech South Park project in Gurgaon.
The BSE 30-share index Sensex finished the day with a gain of 144.58 points at 18,350.74. The rally was driven by realty sector index, that surged 2.83 per cent to 2,178.70 as Unitech stock shot up.