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Brigade Enterprises rose 4.54% to Rs 183.20 at 13:15 IST on BSE after the company signed a Memorandum of Understanding with NestAway to address the commonly faced rental concerns of its customers on exclusive basis.The announcement was made during market hours today, 23 September 2016.
Meanwhile, the S&P BSE Sensex was down 6.22 points, or 0.02%, to 28,766.91
On BSE, so far 26,000 shares were traded in the counter, compared with average daily volume of 15,952 shares in the past one quarter. The stock hit a high of Rs 188.95 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 175.90 so far during the day. The stock hit a 52-week low of Rs 123.50 on 13 January 2016. The stock had outperformed the market over the past 30 days till 22 September 2016, rising 2.85% compared with 2.54% rise in the Sensex. The scrip outperformed the market in past one quarter, rising 12.73% as against Sensex's 9% rise.
The small-cap company has an equity capital of Rs 113.22 crore. Face value per share is Rs 10.
Brigade Enterprises will offer comprehensive rental assistance to all of its existing customers as well as over 10,000 apartments in different stages of construction that are currently in the process of being readied for handover. Brigade Enterprises' customers who will now be able to avail a rental default guarantee that assures them timely rent, the company said.
NestAway is India's largest managed home rental marketplace in seven cities which includes Bangalore, Hyderabad, Pune, Gurgaon, Noida, Delhi and Ghaziabad.
Brigade Enterprises' consolidated net profit declined 22.02% to Rs 20.19 crore on 4.88% rise in net sales to Rs 441.33 crore in Q1 June 2016 over Q1 June 2015.
Brigade Enterprises is Brigade Group's flagship company. Brigade Group was established in 1986, with property development as its main focus.
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