Intraday Spotlight: This midcap real estate stock gains 3.6 per cent; heres why!

The company will develop 2.1 million sq ft of residential apartments.

Brigade Enterprises Ltd, one of India’s leading property developers in the South region, has jumped over 3.6 per cent today from its previous close of Rs 440.60 as the company has signed a Joint Development Agreement to develop around 2.1 million square feet in Chennai. The land, located at Perumbakkam, just off OMR Sholinganallur junction, is spread over 15 acres and will be developed as a large residential township. Perumbakkam is one of the fast-emerging residential hubs in Chennai, witnessing increasing infrastructure development recently.  

The project is expected to have a revenue realization of Rs 1,500 crore in the next five years. This project was crucial as the management plans to realize Rs 6,000 crore in revenue in the next five years. The stock opened at Rs 450 and has made its day high of Rs 467 (+6 per cent). As of 10:00 am today, the stock was trading near Rs 454.05 on the BSE.      

Brigade Enterprises Ltd is one of the leading property developers in the cities of Bangalore and Mysore and is expanding to other cities in Southern India. The company is primarily engaged in the development of residential, commercial and hospitality properties in South India. Some of its unique buildings include Brigade International Financial Centre in GIFT city Gujarat, World Trade Centres in Kochi, Brigade Gateway, Bengaluru’s first lifestyle enclave and Brigade Exotica, one of the tallest residential buildings in Bengaluru.      

The stock has a 52-week high and low of Rs 554.25 and Rs 272.50, respectively.