India's Unitech shares jump 10pc after JP Morgan upgrade

MUMBAI: Shares in Indian real estate firm Unitech jumped 10 percent in heavy volumes on Thursday, a day after JP Morgan raised the beaten down stock to "overweight" from "neutral", citing cheap valuations, reasonable gearing, comfortable liquidity and high embedded land value.

At 3:06 p. m. (0936 GMT), the stock was up 9.7 percent at 40.55 rupees, while the main stock index firmed 0.8 percent. The shares rose as much as 10 percent to 40.65 rupees earlier.

The stock was the most traded on the NSE, with 69.7 million shares dealt and around 30 minutes of trade remaining, which was more than twice its 90-day daily average volume.