Brigade Enterprises erases gains after soaring 7% on profit booking

The stock, however, erased all its gains and came under selling pressure on account of profit booking. The stock declined as much as 7% from its intraday high to hit low of ₹984.95.

Brigade Enterprises post market hours on Monday told stock exchanges it has acquired 4.4 acres s land in Whitefield, East Bengaluru for the development of premium residential project with a total development potential of 0.6 million square feet and a Gross Development Value of approximately ₹950 crore.

The development will feature state-of-the-art amenities and high-end specifications, ensuring a premium lifestyle for its residents and will offer a mix of spacious apartments designed to meet the needs of contemporary families, Brigade Enterprises said in a filing.

“This project will not only enhance our portfolio but also offer an exceptional living experience for our customers. Strategically, this land parcel aligns perfectly with our vision for premium residential development. The deal underlines our commitment to growth, innovation, and redefining luxury living in Bengaluru. With Whitefield’s prime location and robust infrastructure, we are confident this project will set new benchmarks in the segment,” said Pavitra Shankar, managing director of Brigade Enterprises.

The project will benefit from the area's excellent connectivity and thriving social infrastructure. The development will feature state-of-the-art amenities and high-end specifications, ensuring a premium lifestyle for its residents and will offer a mix of spacious apartments designed to meet the needs of contemporary families, the Bengaluru-based real estate developer said.

Brigade Enterprises reported net profit of ₹236 crore in the third quarter of current financial year, marking an increase of 223% from ₹73 crore in the same period last year. Its revenue from operations advanced 25% to ₹1,464 crore from ₹1,174 crore.

As of 10:41 am, Brigade Enterprises shares traded 0.34% lower at ₹989.60, underperforming the NIFTY50 index which was up 0.25%.