Karvy Stock Broking Limited has maintained ‘Buy’ rating on Unitech stock to achieve a target of Rs 260 within 1-2 days.

According to Karvy, day traders can purchase the stock between Rs 248-250 with a strict stop loss of Rs 244. If the stock market remains on positive track, the next target for the day will be above Rs 262.

Shares of the company, on Tuesday (May 27), closed at Rs 248.95 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 1559248. Current EPS and P/E stood at 7.47 and 32.58 respectively. The share price has seen a 52-week high of Rs 546.8 and a low of Rs 217.5 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

The Department of Telecommunications (DOT), ministry of communications & information technology, Government of India, issued a letter on May 21, 2008 to the Unitech’s subsidiary company for allotment of 4.4 MHz of Spectrum in 1800 MHz GSM band in respect of Kerala Service Area.

Unitech is engaged in the business of industrial and residential construction. The company’s construction projects comprise residential, hotels, transmission lines, highways, and overseas turnkey projects.

It has finished residential projects such as Karma Lakelands, Uniworld City, Greenwood City, Nirvana Country and The Palms; commercial projects in Gurgaon including Global Business Park, Signature Towers, Infospace, Unitech Business Park, and Millennium Plaza to name a few; retail and leisure projects in Gurgaon and Noida including Greenwood Center, The Great India Place and the Shikshantar School in Gurgaon, and the Radisson Hotels in Delhi.

Other stocks from the same sector that looks good for short-term trading includes Jaiparkash Agro, IRB Infra, IVRCL Infras and Gammon India.