Brigade Enterprises gains as subsidiary enters into agreement with Cornerstone Bay East Developers

Brigade Enterprises rose 1.98% to Rs 177.70 at 11:41 IST on BSE after the company's wholly owned subsidiary entered into a joint development agreement with Cornerstone Bay East Developers to develop a property in Bangalore.

The announcement was made on Saturday, 17 September 2016.

Meanwhile, the S&P BSE Sensex was up 97.79 points, or 0.34%, to 28,696.82

On BSE, so far 61,777 shares were traded in the counter, compared with average daily volume of 16,373 shares in the past one quarter. The stock hit a high of Rs 180 and a low of Rs 176.90 so far during the day. The stock hit a 52-week high of Rs 186.80 on 17 June 2016. 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 16 September 2016, rising 4% compared with 1.69% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, sliding 2.74% as against Sensex's 7.41% rise.

The small-cap company has an equity capital of Rs 113.22 crore. Face value per share is Rs 10.

Brigade Enterprises said that Mysore Projects, a wholly owned subsidiary of the company has entered into a joint development agreement with Cornerstone Bay East Developers (land owner) to develop 47 acres at Varthur and Gunjur, Off Whitefield region, Bangalore which will have a developable area of around 5 million sq. ft.

Separately, Brigade Enterprises said that the company has subscribed to the equity shares issued by Mysore Projects and has also acquired the equity shares from the existing shareholders of Mysore Projects. Due to this, Mysore Projects has become a wholly owned subsidiary of the company. The announcement was made on Saturday, 17 September 2016.

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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