Shares in real estate firm Unitech jumped 10 percent in heavy volumes on Thursday,

RELATED ARTICLES Unitech denies Blackstone asset sale report JPMorgan stops buybacks while reducing bad trades JPMorgan's future losses at the mercy of an obscure index Unitech Q4 net profit plunges 98% Unitech moves court against Uninor's May 23 board meeting

a day after JPMorgan raised the beaten down stock to "overweight" from "neutral", citing cheap valuations, reasonable gearing, comfortable liquidity and high embedded land value.

At 3:06 p. m. (0936 GMT), the stock was up 9.7 percent at 40.55 rupees, while the main stock index firmed 0.8 percent.

The shares rose as much as 10 percent to 40.65 rupees earlier.

The stock was the most traded on the NSE, with 69.7 million shares dealt and around 30 minutes of trade remaining, which was more than twice its 90-day daily average volume.