Brigade Enterprises gains after leasing office space to TCS

Brigade Enterprises rose 2.22% to Rs 249.15 at 12:37 IST on BSE after the company said it leased 3.75 lakh square feet office space to software major TCS.

The announcement was made after market hours yesterday, 15 May 2017.

Meanwhile, the S&P BSE Sensex was up 128.93 points, or 0.43% to 30,451.05.

On the BSE, 6,129 shares were traded in the counter so far, compared with average daily volumes of 47,797 shares in the past one quarter. The stock had hit a high of Rs 251.85 and a low of Rs 245 so far during the day. The stock hit a 52-week high of Rs 260 on 26 April 2017. The stock hit a 52-week low of Rs 145 on 26 December 2016.

The stock had underperformed the market over the past one month till 15 May 2017, rising 1.88% compared with 2.92% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 47.28% as against Sensex's 7% rise.

The mid-cap company has equity capital of Rs 135.64 crore. Face value per share is Rs 10.

Tata Consultancy Services (TCS) has signed a deal for office space in Brigade Bhuwalka Icon, a 3.75 lakh square feet development strategically located on Whitefield main road in Bengaluru. The office space will house more than 4,000 IT professionals and the office is expected to start operations in around 4 months.

Brigade Group said it is building a large strategic portfolio in corporate real estate developing 10 million square feet in addition to its operating portfolio of 6 million square feet.

Brigade Enterprises' consolidated net profit declined 12.4% to Rs 30.41 crore on 14.5% fall in net sales to Rs 537.61 crore in Q3 December 2016 over Q3 December 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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