Brigade Enterprises shares hit record high in early trade; here’s why

Shares of Brigade Enterprises Ltd zoomed to a record high today after the real estate firm inked a joint development pact with Krishna Priya Estates and Micro Labs for a residential housing project in Bengaluru for Rs 2,100 crore. The firm will develop around 2 million square feet of residential housing in Yelahanka, which is spread over 14 acres.  Brigade Enterprises shares zoomed 6.82% to a high of Rs 762.70 on BSE. The stock has gained 55.90% in a year and risen 60.54% in 2023.   

Brigade Enterprises market cap rose to Rs 17,269.17 crore on BSE. Total 0.26 lakh shares of the firm changed hands amounting to a turnover of Rs 1.97 crore on BSE. The share hit a 52-week low of Rs 430.95 on January 13, 2023. 

The stock has a one-year beta of 0.3, indicating very low volatility during the period 

In terms of technicals, the relative strength index (RSI) of the stock stands at 68.5, signaling it's trading neither in the oversold zone nor in the overbought zone. Brigade Enterprises shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.    

“The Company has entered into a Joint Development Agreement with M/s. Krishna Priya Estates Pvt Ltd. and M/s. Micro Labs Limited (Land Owners) to develop 14 acres at Yelahanka, Bangalore which will have a developable area of around 2 million sq. ft. This disclosure is pursuant to Regulation 30 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,” said Brigade Enterprises in a communication to bourses.  

Brigade Enterprises Limited is engaged in the business of real estate development, leasing and related services. The company operates through two segments: Residential and Lease Rental. The company’s portfolio covers property development, property management services, hospitality and education. Its projects are located in cities in South India, including Chennai, Chikmagalur, Hyderabad, Kochi, Mangalore and Mysore. The company through its subsidiary, Brigade Hospitality Services Limited (BHSL) operates its hospitality projects. Its wholly owned subsidiary, Tetrarch Real Estates Private Limited, undertakes real estate development projects of the company.  

 

 

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