Brigade Enterprises zooms up to 5%; here's what is driving gains?

Brigade Enterprises shares zoom in early trade after the Bengaluru-based real estate development company inked a joint development agreement to develop a residential real estate project on Tumkur Road, Bengaluru.

The stock after opening at Rs 1429.65 last traded at Rs 1412.75, up over 3 per cent, while at day’s high it climbed to levels of Rs 1430 apiece on the BSE. 

“Spread across 8 acres, the project will encompass a total development area of about 1.2 million square feet with an estimated Gross Development Value (GDV) of about Rs. 1,100 crores,” said the company’s exchange filing.

The project will primarily feature two and three bedroom apartments with lush green landscaping and a range of modern amenities. 

This project reflects Brigade’s ongoing planned investment in Bangalore’s real estate market, to meet the evolving needs of the dynamic urban homebuyer. With a focus on quality construction and sustainable practices, Brigade remains dedicated to shaping the city’s skyline and enriching communities, added the release.

Pradyumna Krishnakumar, Executive Director, Brigade Enterprises Limited said, “Bengaluru’s residential real estate market is experiencing tremendous growth and we are excited to be part of this growth momentum. This project will be a significant landmark in this micro market of Tumkur Road and is in addition to our planned pipeline of over 12 million square feet of residential developments planned across Bengaluru, Chennai and Hyderabad in the coming year.”

Brigade’s share price performance

Shares of the company have zoomed nearly 149 per cent in the last one year, nearly trebling investors' wealth, while its YTD return is at over 57 per cent.