Nitesh Estates surges on new project launch in Bangalore

Nitesh Estates rose 4.37% to Rs 10.51 at 9:38 IST on BSE after the company announced the launch of a residential project Nitesh British Columbia worth Rs 300 crore, a premium high rise condominium project off Kanakpura Road in South Bangalore.

The announcement was made after market hours on Thursday, 29 August 2013.

Meanwhile, the S&P BSE Sensex was up 38.05 points or 0.21% at 18,439.09.

On BSE, 3,273 shares were traded in the counter as against average daily volume of 30,747 shares in the past one quarter.

The stock hit a high of Rs 10.54 and a low of Rs 10.30 so far during the day. The stock had hit a record low of Rs 8.70 on 2 August 2013. The stock had hit a 52-week high of Rs 20.50 on 19 December 2012.

The stock had outperformed the market over the past one month till 29 August 2013, surging 6.11% compared with the Sensex's 6.08% fall. The scrip had, however, underperformed the market in past one quarter, declining 11.67% as against Sensex's 8.67% fall.

The small-cap real estate developer has equity capital of Rs 145.83 crore. Face value per share is Rs 10.

Nitesh Estates said that the project is aimed at the first-time home buyers. Spread over 4.70 acres, Nitesh British Columbia, will have 388 apartments with their areas ranging from 1000 sq. ft to 1,600 sq. ft. There are 2 bedroom and 3 bedroom configurations on offer. The apartments are attractively priced at Rs 37 lakh onwards, the company said.

Launching the project, Mr. Ashwini Kumar, Executive Director and Chief Operating Officer, Nitesh Estates said, "British Columbia is about great value through efficient space planning. Each apartment comes with great unobstructed open view, plenty of ambient lighting and ventilation. A clean fade, horizontal bands and clever use of 2 tone colours in an attractively landscaped campus with a well-planned clubhouse, pool and associated amenities make the project a beautiful setting for a community of 388 families."

Nitesh Estates reported a consolidated net profit of Rs 4.55 crore in Q1 June 2013, as against net loss of Rs 4.07 crore in Q1 June 2012. Net sales rose 223.3% to Rs 99.04 crore in Q1 June 2013 over Q1 June 2012.

Nitesh Estates, the real estate arm of the Nitesh Group, is an integrated property development company headquartered in Bangalore, with presence across 4 asset classes. Nitesh Estates develops state-of-the-art homes, hotels, office buildings and shopping malls.

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