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Realty stock jumps 4% after company signed an agreement worth ₹ 150 Cr to develop WTC Tower

Published 20-06-2024, 01:09 pm
Realty stock jumps 4% after company signed an agreement worth ₹ 150 Cr to develop WTC Tower
BRIG
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On Thursday’s trading session, the share price of a real estate development company surged 4.5 percent on BSE to hit an intraday high at Rs. 1,379, after the company announced signing a land lease agreement to develop a third tower of the World Trade Center (WTC) at Infopark Kochi.

At 10:41 a.m., the shares of Brigade Enterprises (NS:BRIG) Limited were trading in the green at Rs. 1,364.8, up by nearly 3.5 percent, as against its previous closing price of Rs. 1,319.1, having a market capitalisation of Rs. 31,517.7 crores.

Brigade Group informed the stock exchanges about signing a land lease agreement and announced plans to develop a third tower of the World Trade Center (WTC) at Infopark Kochi, Kerala.

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The project developed by Brigade Group will cost Rs. 150 crore and will feature a new 16-storey high tower with a car park of six decks; it will come up on the non-SEZ plot with a built-up space of 2.6 lakh sq ft.

This new tower of WTC is expected to generate around 2,700 direct jobs and the project is scheduled to complete in three years.

Earlier this month on 12th June, Brigade Group announced the launch of Brigade Icon Residences, part of an exquisite high-end mixed-use development located in Chennai’s historic Mount Road.

The company has planned an investment of over Rs. 8,000 crore by 2030 in Chennai to expand its business in the city, with a strong pipeline of projects across the spectrum of residential, office, retail and hospitality for more than 15 mn. sqft.

The Gross Development Value (GDV) of the Residential Projects alone is estimated to be over Rs. 13,000 crore.

In terms of financials, the company reported a growth in the revenue from operations by 4.5 percent YoY, from Rs. 842.6 crore in Q4 FY22-23 to Rs. 1,702.4 crore in Q4 FY23-24, while the after-tax profit increased by 234.2 percent from Rs. 63.09 crore to Rs. 210.86 crore, during the same period.

As per the shareholding pattern of March 2024, the Promoters hold a 43.72 percent stake in the company, Foreign Institutional Investors (FII) hold a 14.87 percent stake, while Retail Investors and Domestic Institutional Investors (DII) hold a 17.57 percent and 23.84 percent stake in Brigade Enterprises, respectively.

The stock has delivered nearly 132 percent of multibagger returns in one year, and around 52 percent of positive returns year-to-date.

Incorporated in 1995, Brigade Enterprises Limited is primarily engaged in the business of real estate development, leasing, hospitality and related services in the Southern part of India.

The company is one of the leading property developers in the cities of Bangalore, Mysore, Kochi, Hyderabad, Mangaluru, Chikmagaluru, Ahmedabad & Chennai.

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Written by Shivani Singh

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The post Realty stock jumps 4% after company signed an agreement worth ₹ 150 Cr to develop WTC Tower appeared first on Trade Brains.

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