Nitesh Estates is currently trading at Rs 20.70, up by 0.65 points or 3.24% from its previous closing of Rs 20.05 on the BSE.
The scrip opened at Rs 20.25 and has touched a high and low of Rs 21.40 and Rs 20.25 respectively. So far 59833 shares were traded on the counter.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 50.90 on 07-Oct-2010 and a 52 week low of Rs 18.50 on 18-Aug-2011.
Last one week high and low of the scrip stood at Rs 21.40 and Rs 18.50 respectively. The current market cap of the company is Rs 292.39 crore.
The promoters holding in the company stood at 43.67% while Institutions and Non-Institutions held 34.99% and 21.35% respectively.
Nitesh Estates subsidiary - Nitesh Urban Development has signed a joint development agreement for the development of 700,000 square feet of residential apartment at Sarjapur Outer Ring Road, Bangalore adjacent to the IT hub. Further, the project will yield total revenue of Rs 300 crore over the next 2 to 3 years adding significant income on consolidated basis to the company.
Recently, Nitesh Estates had entered into a joint development pact for about 3 acres of site off Cunningham Road in Bangalore for mixed use development for office, high end residential and retail segment. The project would give a turnover of Rs 400 crore and will have significant cash flow and rental income to the company.
Nitesh Estates is in the business of real estate development and is primarily engaged in the development of residential projects in Bangalore. It is also developing a hospitality project in Bangalore, a residential and an office project in Kochi.
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