Shares of Brigade Enterprises Ltd. rose on Tuesday after the company announced that it has entered into a joint development agreement with landowners to develop a luxury residential project.
The 4 acres land at Kurubarahalli is next to the JW Golf Club in Mysuru and has a gross development value of Rs 300 crore.
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"This luxury project will consist of large units, including penthouses, designed with premium amenities and situated right next door to the Mysore Golf Club with beautiful views of Chamundi Hills," said Pavitra Shankar, managing director of Brigade Enterprises.
Shares of Brigade Enterprises rose as much as 5.61% before paring gains to trade 3.15% higher at 12:48 a.m. This compares to a 0.56% advance in the NSE Nifty 50.
The stock has risen 87.27% on a year-to-date basis. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 82.
Of the 15 analysts tracking the company, 14 maintain a 'buy' rating and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 74.9%.
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