Shares of this Real Estate stock under the ‘mid-cap’ category are in focus on Friday after the company signed a definitive agreement for a land parcel with a Gross Development Value (GDV) of approximately Rs 660 crores. In the last six months, the company’s stock gained nearly 50 percent for its holders.
With a market capitalization of Rs 23,881.85 crores, the stocks of Brigade Enterprises Limited opened their trading hour on Friday at Rs 1,058.20 and currently trade at Rs 1,033.40. The company’s crip witnessed an intra-day high price of Rs 1,073.20 indicating a gain of around 2 percent compared to the previous closing level of Rs 1,051.90 apiece.
Such bullish share price movements were observed today after the company, through a recent regulatory filing with the Bombay Stock Exchange (BSE), intimated about signing a definitive agreement for a land parcel located in Bengaluru.
The residential project is spread across 4.6 acres with a total development potential of around 0.69 Mn sq. ft and a Gross Development Value (GDV) of around Rs 660 crores. Old Madras Road is the fast-growing residential hub in Bengaluru with great connectivity, improved infrastructure, and new development plans for the future.
“We are actively pursuing land acquisition opportunities in our target markets and continue to add high quality assets to our land bank.”, commented Ms. Pavitra Shankar, Managing Director, Brigade Enterprises Limited.
The Real Estate company has a healthy pipeline of upcoming launches of approximately 12.61 Mn sq. ft in Residential Projects across Bengaluru, Hyderabad, and Chennai.
During the recent financial quarters, the company’s basic business indicators, viz, its operating revenues as well as after-tax profits, witnessed a dip in numbers with the former reducing from Rs 1,367 crores during Q2FY24 to Rs 1,174 crores during Q3FY24, and the latter, keeping the timeframe the same, reduced drastically from Rs 112 crores to Rs 56 crores.
As per the latest presentations, the company intimated about the total project area of 22.17 Mn sq. ft, 93 percent of which is contributed for real estate development, 6 percent for lease entails, and the remaining for hospitality purposes.
Brigade Enterprises Limited is an India-based Property Development company with operating segments including Real Estate, Hospitality, and Leasing. The company’s portfolio includes villas, penthouses, premium residences, luxury apartments, urban studios, mixed-use lifestyle enclaves, and townships.
Written by Amit Madnani
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