Brigade Enterprises strengthens after launching projects

Brigade Enterprises rose 1.76% to Rs 242.95 at 15:00 IST on BSE after the company announced launch of two residential projects in South Bengaluru.

The announcement was made on Saturday, 22 April 2017.

Meanwhile, the S&P BSE Sensex was up 287.12 points or 0.98% at 29,652.42.

On the BSE, 17,000 shares were traded on the counter so far as against the average daily volumes of 9,741 shares in the past two-weeks. The stock had hit a high of Rs 250 and a low of Rs 240.50 so far during the day.

The stock had hit a 52-week high of Rs 252 on 17 April 2017 and a 52-week low of Rs 145 on 26 December 2016.

The stock had outperformed the market over the past one month till 21 April 2017, rising 5.04% compared with 0.41% drop in the Sensex. The scrip had also outperformed the market in past one quarter, jumping 55.44% as against Sensex's 8.62% rise.

The small-cap company has equity capital of Rs 113.66 crore. Face value per share is Rs 10.

Brigade Enterprises announced the launch of its luxury residential project Brigade Seven Gardens in Banashankari, Bengaluru and senior friendly homes Parklane at Brigade Meadows.

Separately, company announced after market hours on Friday, 21 April 2017, the launch of its maiden hospitality project in Chennai, Holiday Inn Chennai OMR IT Expressway on the arterial Old Mahabalipuram Road in the city's southern business district namely, Taramani, Thiruvanmiyur.

The contemporarily designed 202 room property is jointly promoted by Brigade Group and Chennai based Subramanian Engineering and managed by Intercontinental Hotels Group.

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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