Shares of Brigade Enterprises Ltd. jumped over 4% on Thursday after it signed a joint development agreement for a residential project in Bengaluru with an estimated gross development value of Rs 1,100 crore.
Spread across eight acres, the project on Tumkur Road will encompass a total development area of about 1.2 million square feet. It will have two- and three-bedroom homes with a variety of amenities, according to an exchange filing.
The neighbourhood will include shopping centres, office spaces, and leisure areas. The residential project is in addition to the company's pipeline of over 12 million square feet of residential projects planned across Bengaluru, Chennai and Hyderabad in the coming year, it said.
Brigade's stock rose as much as 4.45% during the day to Rs 1,429 apiece on the NSE. It was trading 2.99% higher at Rs 1,408.95 per share, compared to a 0.27% advance in the benchmark Nifty at 9:28 a.m.
The share price has risen 147.74% in the last 12 months and 57.01% on a year-to-date basis. The relative strength index was at 61.81.
Thirteen out of the 14 analysts tracking Brigade Enterprises have a 'buy' rating on the stock and one suggests a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.5%.
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