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Nitesh Estates strengthens as its arm inks MOU for residential project in Bangalore

08 Mar 2016 Evaluate

Nitesh Estates is currently trading at Rs 12.12, up by 0.21 points or 1.76% from its previous closing of Rs 11.91 on the BSE.

The scrip opened at Rs. 12.05 and has touched a high and low of Rs. 12.50 and Rs. 11.97 respectively. So far 203231 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 20.30 on 06-Aug-2015 and a 52 week low of Rs. 11.00 on 25-Feb-2016.

Last one week high and low of the scrip stood at Rs. 13.07 and Rs. 11.20 respectively. The current market cap of the company is Rs. 177.62 crore.

The promoters holding in the company stood at 46.49% while Institutions and Non-Institutions held 24.96% and 28.55% respectively.

Nitesh Estates’ wholly owned subsidiary has signed a Memorandum of Understanding (MoU) for a high rise residential project. The project is located off Bangalore - Mysore Highway, West Bangalore in proximity to Bangalore University. The new project will have approximately 300 residential units and is expected to generate revenue of Rs 130 crore over the next four 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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