Shares of this real estate company under the mid-cap category jumped approximately 3 percent in Friday’s trading session after the company successfully launched Ultra-Premium Managed Offices in Bengaluru. In the past six months, the company’s stock gained more than 40 percent for its holders.
With a market capitalization of Rs 20,112.51 crores, the stocks of Brigade Enterprises Limited started their trading session on Friday at Rs 842.10 and closed the session at Rs 869.30, gaining approximately 3 percent compared to the previous closing levels of Rs 842.10 apiece.
Such bullish stock price movements were witnessed after the company, through a recent regulatory filing with the Bombay Stock Exchange (BSE), announced the successful launch of ‘Ultra-Premium Managed Offices’ at “WTC Annexe”, Brigade Gateway in North-West Bengaluru.
WTC Annexe offers more than 1 lakh sq. ft of commercial space in the region. Within this development, ‘BuzzWorks’ by the Brigade Group introduces managed as well as flexible workspace solutions that cater to the evolving needs of modern businesses.
The company mainly aims to provide managed office solutions across the facility aiding to enrich the workspace experience for organizations who seek customized end-to-end solutions. In addition to BuzzWorks at WTC Annexe, it also plans expansion across Chennai and Hyderabad, thereby expanding its existing portfolio.
During the recent financial quarters, the company’s basic business indicators, viz, its operating revenues as well as after-tax profits, showed 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, during the same period, slipping from Rs 112 crores to Rs 56 crores.
As per the recent presentations, the company achieved its highest-ever quarterly sales of Rs 1,524 crores. In addition, the company expects a strong launch pipeline for the coming four financial quarters in the ‘residential’ business. The company also plans to launch “10.8 million” sq. ft over the next twelve months
Incorporated in 1986, Brigade Enterprises Limited is a property development company with operating segments including real estate, hospitality, and leasing. The company’s portfolio
includes penthouses, villas, luxury apartments, value homes, urban studios, and mixed-use lifestyle enclaves & townships.
Written by Amit Madnani
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