What is so special about Unitech?

The last two years have seen share price of Unitech, a North-based real estate and construction company, sky rocket from a mere Rs.5 per share to Rs.447 today, a whopping 8,840 per cent return. The price is on an adjusted basis. As of 14-Nov, the scrip is trading at a market cap of over Rs.35,000 crore. This makes it bigger than HDFC bank, Tata Motors, Tata Steel, Satyam Computers....a whole host of other large companies. Something seems completely out of place here....because the company earned Rs.100 crore in the latest quarter...even if one were to extrapolate this over the next three quarters, the total net profit for the next one year comes to around Rs.400 crore, rendering a forward P/E of over 80 times....!! It this an asset bubble in making or am I missing anything?