Unitech Ltd to foray into Telecom Business

Unitech Ltd has announced that the Board of Directors of the Company at its meeting held on 21st September, 2007 took on record that 8 of its wholly-owned subsidiary Companies have decided to submit applications to the Department of Telecommunications, Ministry of Communications and Information Technology to provide Unified Access Services (UAS) in 22 telecom circles across the country.

The Board noted that the continuous rapid growth in India's telephone services business indicates the enormous potential for future growth in this business. Further, it would help boost the Group's Telecom and transmission tower manufacturing business.

Thus, investment in this sector would provide immense potential for value addition to the group. The proposed diversification would, however, be subject to requisite regulatory approvals.

Earlier another realty company Parsvnath Developers also applied for a telecom license.

The Stock closed on Friday at Rs.336.55, up by Rs.7.20 or 2.19%. The stock hit an intraday high of Rs.344.95 and low of Rs.325.60.

The total traded quantity was 4465264 at a weighted average price of Rs.338.58 resulting in a turnover of Rs.15118.49 Lakhs.

Source : Equity Bulls

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