Nitesh Estates surges nearly 7% after inking pact

Nitesh Estates has jumped 7% to Rs 14 on the BSE after the company said it signed a joint development agreement for Rs 170 crore project at Bangalore.

Nitesh Estates has signed up a joint development agreement for a new residential project which will have 262 residential units. The project located at prime Hosur Main Road in Bangalore will have easy access to the Electronic City, Outer Ring Road and major office complexes.

The project will give a total revenue of Rs 170 crore to the company and will contribute to the profitability over the 36 months. The project will be launched shortly, the company said.

On BSE, so far 18,000 shares are traded in the counter, compared with an average volume of 78,070 shares in the past one quarter. The stock hit a high of Rs 14.90 and a low of Rs 14.25 so far during the day. The stock hit a 52-week high of Rs 18.70 on 9 June 2014. The stock hit a 52-week low of Rs 9.60 on 2 September 2013.