The shares of this midcap company jumped 5 percent after announcing a joint venture with two private companies to develop 14 acres in Bangalore. 

With a market capitalization of Rs. 16,502 crores, the shares of Brigade Enterprises Ltd opened on a higher note at Rs. 733.90 compared to its previous close at Rs. 714.60. The share hit a high of Rs. 763 making a gain of around 5 percent which is also recorded has company’s fresh 52-weeks high and currently trading at Rs. 748.05 apiece. 

Such a positive movement was observed after the company in an exchange filing mentioned that they have entered into a Joint Development Agreement with Krishna Priya Estates Pvt Ltd. and Micro Labs Limited (Land Owners) to develop 14 acres at Yelahanka, Bangalore which will have a developable area of around 2 million sq. ft. 

Looking at the financial statement, the company’s revenue increased by 109 percent from Rs. 653.97 crores in the June quarter to Rs. 1,366.58 crore in the September quarter. In addition, net profit magnified by 246 percent from Rs. 38.53 crores to Rs. 133.5 crores during the same timeframe. 

Coming onto the important financial ratios, the return on equity was at 7.25 percent during FY22-23 and the return on capital employed was recorded at 9.18 percent during the same time horizon. 

According to the latest shareholding pattern, Promoters have 43.77 percent of stake in the company, the Public have 17.43 percent shares, DIIs have a considerable stake of 25.40 percent and the remaining 13.40 percent is with FIIs. 

Headquartered in Bengaluru, Brigade Enterprises Ltd was incorporated in the year 1995. The company constructs and develops residential, commercial, educational, retail and hospitality projects. It also offers hospitality and leases rental services. 

Written By Vaibhav patil


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