Nitesh Estates jumps on signing up Rs 300 crore mid income housing project in South Bangalore

18 Jun 2013

Nitesh Estates is currently trading at Rs. 11.45, up by 0.70 points or 6.51% from its previous closing of Rs. 10.75 on the BSE.

The scrip opened at Rs. 10.71 and has touched a high and low of Rs. 12.45 and Rs. 10.71 respectively. So far 1, 42,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 20.50 on 19-Dec-2012 and a 52 week low of Rs. 10.25 on 03-Jun-2013.

Last one week high and low of the scrip stood at Rs. 11.05 and Rs. 10.30 respectively. The current market cap of the company is Rs. 166 crore.

The promoters holding in the company stood at 44.85% while Institutions and Non-Institutions held 28.37% and 26.78% respectively.

Nitesh Estates has signed up its new mid income housing Project near Kanakapura Road, south Bangalore, providing a total of about 500 Apartments (2 and 3 Bedroom). This project has been named as Nitesh British Columbia.

The total project revenue potential will be around Rs 300 crore, which will improve significantly the financials of 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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