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Nitesh Estates trades jubilantly on bagging Rs 300 crore mid-income housing project

19 Jul 2013

Nitesh Estates is currently trading at Rs. 11.84, up by 0.71 points or 6.38% from its previous closing of Rs. 11.13 on the BSE.

The scrip opened at Rs. 11.80 and has touched a high and low of Rs. 11.94 and Rs. 11.70 respectively. So far 50323 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. 9.25 on 01-Jul-2013.

Last one week high and low of the scrip stood at Rs. 11.94 and Rs. 9.25 respectively. The current market cap of the company is Rs. 172.08 crore.

The promoters holding in the company stood at 44.91% while Institutions and Non-Institutions held 28.37% and 26.72% respectively.

Nitesh Estates, a property development company, reportedly has inked Rs 300 crore mid-income housing project, British Columbia in south Bangalore. The project is coming up at Kanakapura Road in southern Bangalore and will house 500 apartments ranging from a large 900 square feet up to 1800 square feet. The configuration of apartments will be 2 BHK and 3 BHK, which would be priced between Rs35 lakh to Rs 80 lakh, depending on the unit size.

Recently, the company obtained all requisite clearances to start operations at The Ritz-Carlton, Bangalore, the newest 5 Star Luxury hotel in the Central Business District. It secured all necessary approvals/licenses such as Occupancy Certificate, Tourism Board NOC, Food & Restaurant Permits, Trade License, Pollution Clearance, and Fire Clearance for its commencement. The hotel is scheduled to start full scale of operations by September 30, 2013.

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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