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. 

<div class="paragraphs"><p>Representational Image (Source:&nbsp;Brigade Enterprises website)</p></div>
Representational Image (Source: Brigade Enterprises website)

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%.

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