Brigade Enterprises share hits 6-month high
Shares of Brigade Enterprises touched a six-month high of Rs 219.90, up 6 per cent on the Bombay Stock Exchange (BSE), in an otherwise weak market, following a rating upgrade to "Buy" at MotilalOswal Securities. MotilalOswal Securities on Monday initiated coverage with a "Buy" rating and a Sum-of-the-parts (SOTP)-based target price of Rs 282 (37% upside). Boosted by the development, shares of the real estate company jumped as much as 6.07 per cent to touch an intra-day high of Rs 219.90 apiece on the Bombay Stock Exchange, against previous closing of Rs 206.45. In a similar trend, stocks of real estate developer based in south India were trading at Rs 217.35, up 4.90 per cent on the National Stock Exchange. In the past two months, shares of the Bangalore-headquartered company outperformed the benchmark indices by surging 36 per cent after it reported robust earnings in September quarter. The company had posted 8 per cent growth in its consolidated net profit at Rs 68 crore for the second quarter of FY 2018-19 as against Rs 63 crore recorded in the same period last year.The company's total revenue rose by 19 per cent to Rs 844 crore from Rs 708 crore in the same period last year.
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