Bear of the Day: Stock that halved in 3 months

News on credit repayment gave shares of realty developer Unitech a much needed shot in the arm as it gained 5.11% or Rs 2.20 to end at Rs 45.25 on the BSE today. The company announced today that it has repaid Rs 50.6 crore to creditors from whom they had raised close to Rs 250 crore by pledging their shares about a year ago. The stock touched an intraday high of Rs 47.15 and an intraday low of Rs 43.65. There were pending buy orders of 936 shares, with no sellers available. The total traded volumes were of 13,545,441 shares. The share had plunged 49.27% over the last three months.

The BSE Realty Index today was up 2.4% at 2,189.97. The stock touched its 52-week high of Rs 98.45 and 52-week low Rs 42.35 on 07 Oct, 2010 and 01 Feb, 2011, respectively.Its market capitalisation stands at Rs 11,838.76 crore.

Unitech, had to rush to the Delhi High Court over the weekend to get an injunction against lenders selling the promoters pledged shares.

Last year Rs 178 crore had been raised via debentures, with repayment due this may. But with the stock falling below Rs 60, the lenders wanted to sell the pledged shares.

Unitech promoters told the Delhi high court that the lenders were going against the agreement as ample notice for such a move is a pre -requirement.

The promoters are expected to pay 50% of the Rs 178 crore to lenders this week and the rest by next week. Its exposures to such debentures is worth Rs 250 crore.

What analysts say?

Sandeep J Shah, CEO of Sampriti Capital said, "We are still in a sharp or a strong bull market correction phase. In this environment you don