A lot of people whom I know keep asking me that at is Unitech a good buy at Rs 30, can we buy and hold it for the long term and I always reply that if Rs 30 is of no value in your life, you better donate it to a charity rather than buying a stock like Unitech.
A few days back I was watching an interview of Unitech's promoters on CNBC in which they stated that we have not pledged any of our shares and we have good amount of cash with us and hence no liquidity issues. The market really got excited and the so called CNBC experts said that this is really a good news and the stock rallied over 12% in couple of days (India's risk free rate of interest for a year is just 6%).
Come today, a headline in the newspapers that Unitech's promoters have pledged around 49% of their equity (Out of 64.xx% they own). So the so called corporate governance and communicating truth to the shareholders takes a toss.
I strongly believe that despite the slowdown in the real estate sector the bigger reason these big reality stocks are falling is because of poor corporate goveranance and the way market punished Satyam, Unitech should also see the same fate.
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