Brigade Enterprises shines on inking MoUs with Government of Tamil Nadu
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Brigade Enterprises is currently trading at Rs. 974.30, up by 34.05 points or 3.62% from its previous closing of Rs. 940.25 on the BSE.
The scrip opened at Rs. 955.00 and has touched a high and low of Rs. 1000.00 and Rs. 955.00 respectively. So far 25120 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1,000.00 on 09-Jan-2024 and a 52 week low of Rs. 430.95 on 13-Jan-2023.
Last one week high and low of the scrip stood at Rs. 1000.00 and Rs. 864.05 respectively. The current market cap of the company is Rs. 21713.47 crore.
The promoters holding in the company stood at 43.75%, while Institutions and Non-Institutions held 38.74% and 17.51% respectively.
Brigade Enterprises has signed two Memorandum of Understanding (MoUs) with the Government of Tamil Nadu to invest over Rs 3400 crore in the state with a potential employment for around 25,000 people over the next three-four years. The company signed two MoUs, one with the Chennai Metropolitan Development Authority (CMDA) and the other with ELCOT, Information Technology and Digital Services Department, Government of Tamil Nadu as part of Tamil Nadu’s Global Investors Meet (GIM) 2024.
The MoU with Chennai Metropolitan Development Authority is for Brigade’s expansion in Chennai and setting up two high-rise residential buildings in the IT belt of Sholinganallur, with an investment of over Rs 2000 crore. The second MoU is with ELCOT, IT&DS which entails an investment of around Rs 1400 crore for high rise commercial and residential developments, across different micro-markets including Mount Road. These projects are expected to be completed within the next three-four years. The Government of Tamil Nadu will provide the necessary support and regulatory facilitation subject to applicable laws.
Brigade Enterprises is engaged in developing residential, commercial and retail properties primarily in Bangalore and Mysore, and has also developed and is managing a number of serviced apartments under the brand, Brigade Homestead.
