Nitesh Estates is currently trading at Rs. 19.30, up by 0.30 points or 1.58% from its previous closing of Rs. 19.00 on the BSE.
The scrip opened at Rs. 21.90 and has touched a high and low of Rs. 21.90 and Rs. 19.15 respectively. So far 18971 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 30.80 on 11-Apr-2011 and a 52 week low of Rs. 13.60 on 30-Dec-2011.
Last one week high and low of the scrip stood at Rs. 21.90 and Rs. 18.20 respectively. The current market cap of the company is Rs. 279.27 crore.
The promoters holding in the company stood at 44.28% while Institutions and Non-Institutions held 30.91% and 24.81% respectively.
Nitesh Estates, Real estate developer is likely to introduce three projects in the next few months with a total saleable area of over three million sq ft. The company aims over Rs 1,000 crore as turnover of these joint development projects.
The company plans to launch a 22-acre villa project in North Bangalore. The other project would see development of over 1,000 high-rise apartments across 21 acres. This project will consist of two- and three-bedroom apartments in the price range of Rs 45 lakh to Rs 70 lakh. The third project would be a unique development at Marathahalli.
The company will fund these projects from pre-sale proceeds, and also use their credit limits with banks on a case-to-case basis. Currently, the company's debt equity ratio stands at 0.12. The company has no definite plans of raising funds.
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