Brigade Enterprises Ltd Share Price – NSE  /  BSE

Realty, Small Cap

Brigade Enterprises announced that the Annual General Meeting (AGM) of the company will be held on 6 August 2024.

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Brigade Tetrarch, its wholly owned subsidiary has launched “Cobalt at Brigade EI Dorado”, residential tower at its 50-acre township Brigade EI Dorado located in KIADB Aerospace Park. The project has a revenue potential of over Rs. 400 crore.

The overall project size for the entire township development is around 6.1 million square feet including residential, shopping, wellness and entertainment facilities comprising 948 single bedroom apartments.

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The key equity indices traded in a narrow range with minor gains in early afternoon trade. The Nifty traded near the 24,350 mark. Realty shares extended gains for the third day in a row. Trading was volatile due to weekly F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex was up 222.64 points or 0.28% to 80,212.46. The Nifty 50 index rose 61.55 points or 0.25% to 24,348.05.

The Sensex and Nifty clocked an all-time high of 80,392.64 and 24,401, respectively in morning trade. Further, the Nifty Bank also hits record high at 53,357.70 in early trade.

In the broader market, the S&P BSE Mid-Cap index added 0.61% and the S&P BSE Small-Cap index rose 0.68%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 47,094.88 and 53,811.79, respectively.

The market breadth was positive. On the BSE, 2,219 shares rose and 1,581 shares fell. A total of 112 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.45% to 13.01. The Nifty 25 July 2024 futures were trading at 24,407.05, at a premium of 59 points as compared with the spot at 24,348.05.

The Nifty option chain for the 25 July 2024 expiry showed maximum Call OI of 32.5 lakh contracts at the 25,000 strike price. Maximum Put OI of 46.3 lakh contracts were seen at 24,000 strike price.

Buzzing Index:

The Nifty Realty index rose 0.61% to 1,120.60. The index added 1.77% in the three consecutive trading session.

Brigade Enterprises (up 2.54%), Sobha (up 1.85%), Mahindra Lifespace Developers (up 1.25%), Phoenix Mills (up 0.96%), Macrotech Developers (up 0.3%), Godrej Properties (up 0.19%), Oberoi Realty (up 0.08%) edged higher.

On the other hand, Prestige Estates Projects (down 0.19%), DLF (down 0.15%) and Sunteck Realty (down 0.06%) declined.

Brigade Enterprises advanced 2.54% after the company announced the signing of a joint development agreement (JDA) for a residential project at West Bangalore’s Tumkur Road.

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Bajaj Finance declined 1.15%. The NBFC announced that its new loans booked increased by 10% to 10.97 million in Q1 FY25 as compared to 9.94 million recorded in Q1 FY24.

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Spread across 8 acres, the project will encompass a total development area of about 1.2 million square feet with an estimated gross development value (GDV) of about Rs 1,100 crore.

The project, consisting primarily two and three bedroom apartments, has been planned such that it incorporates maximum lung space with lush green landscaping and a range of modern amenities. “This project reflects Brigade’s ongoing planned investment in Bangalore’s real estate market, to meet the evolving needs of the dynamic urban homebuyer,” the real estate developer said in a statement.

Pradyumna Krishnakumar, executive director, Brigade Enterprises, said: “Bengaluru’s residential real estate market is experiencing tremendous growth and we are excited to be part of this growth momentum.

This project will be a significant landmark in this micro market of Tumkur Road and is in addition to our planned pipeline of over 12 million square feet of residential developments planned across Bengaluru, Chennai and Hyderabad in the coming year.

It aligns with our strategic vision to expand our presence in key growth corridors of Bangalore and our commitment to provide unparalleled living experience to our home buyers. West Bangalore is increasingly being favored for residential developments owing to its excellent connectivity and existing infrastructure.”

Brigade Enterprises is one of India’s leading property developers. The company has developed properties in cities like Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Gift City-Gujarat, Thiruvananthapuram, Mangaluru and Chikkamagaluru with developments across residential, office, retail and hotels.

The company reported consolidated net profit of Rs 206.09 crore in Q4 FY24, steeply higher than Rs 69.25 crore reported in Q4 FY23. Revenue from operation surged 102.04% to Rs 1,702.37 crore in Q4 FY24 as compared to Rs 842.57 crore recorded in the corresponding quarter previous year.

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