Shares of Brigade Enterprises Ltd. rose to all-time high on Friday after the company signed a joint development agreement for a residential project.
The real estate developer has entered into the agreement to build a residential project spread over 6.9 acres on Old Madras Road, Bengaluru. The project has a total development potential of around 8 lakh square feet, with a gross development value of Rs 720 crore, according to an exchange filing.
The land is in a prime neighbourhood of Old Madras Road, whose main unique selling point is its proximity to Indiranagar and Whitefield, the company said in an exchange filing.
Brigade Enterprises' stock rose as much as 2.8% during the day on the NSE. It erased gains to trade 0.66% lower at 1:05 p.m., compared to a 0.19% advance in the benchmark Nifty.
The stock has risen 134.41% in the last 12 months. The total traded volume so far in the day stood at 0.83 times its 30-day average. The relative strength index was at 72.96, implying that the stock maybe overbought.
Fourteen out of the 15 analysts tracking the company have a 'buy' rating on the stock and one suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential implies a potential upside of 5.2%.
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