Nitesh Estates gains on inking JDA for Rs 375 crore project

28 Feb 2015

Nitesh Estates is currently trading at Rs. 11.00, up by 0.14 points or 1.29% from its previous closing of Rs. 10.86 on the BSE.

The scrip opened at Rs. 11.14 and has touched a high and low of Rs. 11.15 and Rs. 11.00 respectively. So far 4,575 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 18.70 on 09-Jun-2014 and a 52 week low of Rs. 9.30 on 23-Dec-2014.

Last one week high and low of the scrip stood at Rs. 11.30 and Rs. 10.20 respectively. The current market cap of the company is Rs. 160.00 crore.

The promoters holding in the company stood at 46.36%, while Institutions and Non-Institutions held 25.86% and 27.79% respectively.

Nitesh Estates has signed a Joint Development Agreement (JDA) for a new residential project in a prime piece of property measuring 8 acres 4 guntas located at the junction of the Whitefield road, Budigere road and Old Madras road. It offers excellent connectivity to ITPL, Whitefield, M G Road and Kempegowda International Airport.

The project will have high rise residential apartment comprising of 11 towers each having multilevel parking and 17 floors comprising a total of 723 apartments comprising a mix of 1BHK, 2 BHK, 2.5 BHK, 3 BHK (small and large) and 4 BHK pent house units.

The project will generate a turnover of Rs 375 crore to the Company, and will have significant improvement in the revenue and profits of the Company over next 3 years.

Nitesh Estates is a leading integrated property development company headquartered in Bangalore. The company provides world-class products and services and has presence across four asset class - Homes, Hotels, Office Buildings, and Shopping Malls.

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