Buy Unity Infra; target of Rs 669: Nirmal Bang

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Nirmal Bang is bullish on Unity Infraprojects and has recommended buy rating on the stock with a target of Rs 669, in its December 22, 2009 research report.

"Unity Infraprojects has raised Rs 73.3 crore through a QIP issue. The QIP was issued at Rs 506 per share resulting in a post issue dilution of 10.7%. The promoter shareholding in the company now stands at 62.7% down from 69.5%. The company has issued 14,49,476 shares at a premium of Rs 496 per share. The equity share capital for the company now stands at Rs 14.8 crore.  We have revised the target price of UIL to Rs 669 per share down from Rs 726 primarily to factor in the equity dilution. At the current market price of Rs 508 per share the stock looks quiet attractive. We maintain a 'BUY' recommendation with a long term view," says Nirmal Bang research report.

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