Unitech to announce telecom stake sale next week

Indian real estate firm Unitech Ltd will make an announcement regarding a stake sale in its telecoms business next week, Managing Director Sanjay Chandra told.

Unitech was in talks to sell a stake in the telecom venture to Norwegian telecom group Telenor.

Unitech is scheduled to announce its second quarter results on Oct 31.

Chandra said the firm expected revenue and profits to grow “upwards of 20 pct” in the financial year 2008/09.

One Comment

  1. Posted October 30, 2008 at 3:57 am | Permalink

    Real estate developers have hardly hiked their rates in the last six to eight months and some of them have not hiked them at all. Property analysts say this scenario is different from that witnessed between April and October 2007, when developers hiked rates by as much as 24% to 32%. According to a pan-India survey of local brokers in the residential property market, carried out by global research analysts Edelweiss, around 80% of brokers across India have witnessed a reduction in enquiries over the past month, and about 90% have seen a drop in transactions over the past month.For more view- realtydigest.blogspot.com

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