Unitech shares up over 17%; market value rises Rs 1,055 cr

Unitech shares up over 17%; market value rises Rs 1,055 cr Mumbai: Shares of realty firm Unitech on Thursday soared by over 17 percent, increasing the market value by Rs 1,055 crore, after the company said it has settled amicably all disputes with Telenor over their telecom business Uninor and that it will exit the joint venture.

After surging over 18 percent during the day, shares of the company finally ended at Rs 27.2, up 17.49 percent on the BSE.

In the process, the company's market value surged Rs 1,055 crore to Rs 7,111 crore.

On NSE, the stock surged 17.46 percent to Rs 27.25.

Meanwhile, shares of Telenor were up 0.18 percent at 110.70 Norwegian Krone at the Oslo Stock Exchange.

Unitech and Telenor said they have agreed to transfer the business in Uninor to a new entity controlled by the latter.

Telenor and Unitech had been at loggerheads ever since the Supreme Court in February cancelled Uninor's 22 telecom permits. Telenor wanted to scrap the JV and transfer the business to a new firm and get fresh license. Both were engaged in legal battle in courts and the Company Law Board.

With the settlement of disputes with Telenor, Unitech will focus on its core business of real estate.

PTI