52-week high alert & FIIs increase stake: This multibagger company signs over Rs 3,400 crore worth MoUs at the Tamil Nadu Global Investors Meet 2024 – know more here!

The stock gave multibagger returns of over 100 per cent in just 1 year and a whopping 550 per cent in 5 years.

Brigade Enterprises Limited has signed MoUs with the Government of Tamil Nadu to invest over Rs 3,400 crore in the state with potential employment for around 25,000 people over the next three to four years. The company signed two MoUs, one with the Chennai Metropolitan Development Authority (CMDA) and the other with ELCOT, Information Technology and Digital Services Department, Government of Tamil Nadu as part of Tamil Nadu’s Global Investors Meet (GIM) 2024, in the presence of Shri M.K. Stalin, Hon. Chief Minister. Govt. of Tamil Nadu.

The MoU with Chennai Metropolitan Development Authority is for the Brigade’s expansion in Chennai and setting up two high-rise residential buildings in the IT belt of Sholinganallur, with an investment of over Rs 2000 crore. The second MoU is with ELCOT, IT&DS which entails an investment of around Rs 1400 crores for high-rise commercial and residential developments, across different micro-markets including Mount Road. These projects are expected to be completed within the next three to four years. T

The Government of Tamil Nadu will provide the necessary support and regulatory facilitation subject to applicable laws.

A pioneer since 1986, Brigade Group, a leading Indian developer, has reshaped South India's skylines with 280+ landmark buildings across Bengaluru, Mysuru, Hyderabad, Chennai, Kochi, and Thiruvananthapuram. Boasting 83 million sq. ft. of diverse real estate – residential, commercial, retail, hospitality, and education – Brigade offers positive experiences for all stakeholders, weaving threads of progress and innovation into the urban fabric.

Today, one of the Top Gainers on BSE, shares of Brigade Enterprises Limited surged 6.35 per cent to an intraday high & fresh 52-week high of Rs 1,000 per share from its previous closing of Rs 940.25. At the closing bell, shares of the company were trading at Rs 943.65 per share, up 0.36 per cent with a spurt in volume by more than 2.29 times on BSE.

The company has a market cap of Rs 21,792 crore with a stock price CAGR of 53 per cent. Additionally, FIIs have increased their stake from 13.40 per cent in September 2023, to 13.73 per cent in December 2023.

The stock gave multibagger returns of over 100 per cent in just 1 year and a whopping 550 per cent in 5 years. Investors should keep an eye on this Mid-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.