Nitesh Estates spurts after launching high rise condominium project in Bangalore

Nitesh Estates was locked at 5% upper limit at Rs 14.71 at 15:15 IST on BSE after the company announced the launching of its high rise condominium project situated off Hennur Road in Bangalore.

The announcement was made during trading hours today, 31 March 2015.

Meanwhile, the BSE Sensex was up 20.40 points, or 0.07% to 27,996.26.

On BSE, so far 1.19 lakh shares were traded in the counter, compared with an average volume of 1.49 lakh shares in the past one quarter.

The stock was locked at the day's high of Rs 14.71 in intraday trade. The stock hit a low of Rs 14.55 so far during the day. The stock hit a record high of Rs 18.70 on 9 June 2014. The stock hit a 52-week low of Rs 9.30 on 23 December 2014.

The stock had outperformed the market over the past one month till 30 March 2015, rising 26.33% compared with 4.72% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 36.55% as against Sensex's 2.09% rise.

The small-cap firm has an equity capital of Rs 145.83 crore. Face value per share is Rs 10.

Nitesh Estates said that the Hennur Road is the most sought after area in Bangalore's micro market. The project, Nitesh Hunter Valley, coming up on 21 acres land area with mixed use development will have 1091 condominiums with overall revenue potential of Rs 900 crore. The company's economic interest in the project will be Rs 600 crore. The project will add significant top line revenue to the company.

Nitesh Estates reported consolidated net loss of Rs 5.19 crore in Q3 December 2014 compared with consolidated net loss of Rs 4.68 crore in Q3 December 2013. Total income fell 23.2% to Rs 50.99 crore in Q3 December 2014 over Q3 December 2013.

Nitesh Estates the real estate arm of the Nitesh Group, is an integrated property development company headquartered in Bangalore, India, with presence across 4 asset classes.

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