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Business News/ Markets / Stock Markets/  Brigade Enterprises shares rally over 13% to new high as CRISIL reaffirms its long-term rating
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Brigade Enterprises shares rally over 13% to new high as CRISIL reaffirms its long-term rating

Shares of Brigade Enterprises (BEL) rallied over 13 percent on Thursday to hit a new high of ₹983.65 apiece on the BSE after CRISIL reaffirmed the long-term rating for the credit facilities of ₹350 crores to be availed by the company from the bank(s).

Shares of Brigade Enterprises (BEL) rallied over 13 percent on Thursday to hit a new high of ₹983.65 apiece on the BSE after CRISIL reaffirmed the long-term rating for the credit facilities of ₹350 crores to be availed by the company from the bank(s).Premium
Shares of Brigade Enterprises (BEL) rallied over 13 percent on Thursday to hit a new high of 983.65 apiece on the BSE after CRISIL reaffirmed the long-term rating for the credit facilities of 350 crores to be availed by the company from the bank(s).

Shares of Brigade Enterprises (BEL) rallied over 13 percent on Thursday to hit a new high of 983.65 apiece on the BSE after CRISIL reaffirmed the long-term rating for the credit facilities of 350 crores to be availed by the company from the bank(s). It retained its ‘AA- stable’ rating for the realty firm.

The company also informed that it has acquired an additional stake of 4.53 percent in the equity shares of BCV Developers Private Limited, a subsidiary of the company, from its existing shareholders who are joint venture partners. Accordingly, the shareholding of the company has been increased from 62.51 percent to 67.04 percent in BCV Developers Private Limited, the firm said in a press release.

Read here: Nifty Realty jumps 6%, hits fresh 52-week high

The stock rose as much as 13.2 percent in intra-day deals to its record high of 983.65. It has now surged over 128 percent from its 52-week low of 430.95, hit on January 13, 2023.

The stock has rallied 86 percent in the last 1 year and around 2 percent in January so far, extending gains for the 4th straight month. It gained almost 10 percent in December 2023, 33 percent in November and over 8 percent in October.

In the September quarter, the firm posted a 117 percent year-on-year (YoY) increase in the net profit at 112.50 crore on the back of strong new bookings of 1.67 million square feet valued at 1,249 crore, up 23 percent YoY. Its total income for the September quarter grew 54.35 percent to 1,407.92 crore, from 912.19 crore in the same period last year, driven by the residential segment that continued to show robust growth.

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With a robust pipeline of launches in Bengaluru, Chennai, and Hyderabad, the management believes that the company will sustain the momentum going forward.

"All business verticals contributed significantly to the growth in Q2FY24. The residential segment continued to outperform with strong absorption across key markets, heightened end-user interest, stable registration processes, steady home loan rates, and excellent response to new launches," said the firm post earnings.

Meanwhile, CRISIL noted that driven by BEL’s established market position and healthy launch pipeline, the performance of the residential segment is expected to remain healthy with sales expected to be in the range of 6.5-7.5 million sq ft (msf) in FY24, similar to FY23.

Read here: Chart Beat: Two-wheeler volumes shine in December quarter

"Brigade has a strong launch pipeline of 11 msf over the next four quarters which should drive sales volumes ahead. With a lean balance sheet, well-placed hospitality portfolio, and likely ramp up in leasing ahead, Brigade is one of the well-placed realty developers poised for growth ahead," ICICI Securities said in a note.

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Published: 04 Jan 2024, 11:16 AM IST
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