Brigade Enterprises shares rise 5% as firm inks 90-year land lease deed in Kerala

Shares of Brigade Enterprises rose over 5% on Thursday after the real estate major inked a lease deed for 4.859 acre for 
90 years with Electronics Technology Parks for the development of IT infrastructure in Technopark Phase I Thiruvananthapuram, Kerala.

Brigade Enterprises shares rose 5.37% to Rs 959.95 against the previous close of Rs 910.95. Market cap of the realty firm stood at Rs 22,045 crore. The mid cap stock has fallen 26% in one year and risen 27% since the beginning of this year.

The stock trades lower than 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages. 

"We would like to inform you that Brigade Group has signed a lease deed for 4.859 acres of land for a period of 90 years with Electronics Technology Parks for the development of IT infrastructure in Technopark Phase I Thiruvananthapuram, Kerala. This property will have an overall development potential of about 1.2 million sq.ft., comprising of World Trade Center Trivandrum with A Grade office space along with a five-star hotel of over 200 keys," said Brigade Enterprises. 

Incorporated in 1995, Brigade Enterprises is engaged in the business of real estate development, leasing and related services. The portfolio includes residential, commercial, retail and hospitality projects.

The company also develops integrated townships, office spaces, shopping malls, and luxury hotels. Headquartered in Bengaluru, Karnataka, Brigade has a strong presence in South India, with projects in cities such as Chennai, Hyderabad, Mysuru and Kochi.