Brigade Enterprises soars 8% on realty pact with Singapore firm

Brigade Enterprises has soared 8% to Rs 136 after the company said Brigade Group and GIC, Singapore's sovereign wealth fund, through its affiliate Company, have entered into a Memorandum of Understanding (MOU) to jointly invest up to Rs 1,500 crore in residential and mixed-use developments in select cities of South India.

The Joint Venture aims to acquire land for residential and mixed-use developments in cities primarily where the secular demand for high quality residential unit is high, Brigade Enterprises said in a statement.

The stock opened at Rs 124 and touched a 52-week high of Rs 146 on NSE. The counter has seen huge trading volumes with a combined 750,980 shares changing hands so far on NSE and BSE.