Brigade Enterprises Stock At Record High On Signing Rs 2,100-Crore Housing Project Deal
The agreement is to develop 14 acres consisting of 20 lakh square feet of developable area at Yelahanka, the company said.
Shares of Brigade Enterprises Ltd. hit record high on Friday after the company signed an agreement worth Rs 2,100 crore for a residential housing project in Bengaluru.
As part of the joint development agreement with Krishna Priya Estates Pvt. and Micro Labs Ltd., the real-estate company will develop 14 acres at Yelahanka and it will have a developable area of around 2 million square feet, according to an exchange filing on Thursday.
Brigade Enterprises' stock rose as much as 6.77% during the day to Rs 763 apiece on the NSE. It pared gains to trade 4.74% higher at Rs 748.50 apiece, compared to a 0.13% advance in the benchmark NSE Nifty 50 as of 10:52 a.m.
It has risen 61.21% on a year-to-date basis. The total traded volume so far in the day stood at 5.4 times its 30-day average. The relative strength index was at 74.
Fourteen out of the 15 analysts tracking Brigade Enterprises maintain a 'buy' rating on the stock, while one suggests a 'sell', according to Bloomberg data. The average of 12-month price targets given by analysts implies a potential upside of 57%.
