Brigade Enterprises signs JV with GIC, stock surges

MUMBAI: Shares of real estate developer Brigade Enterprises surged after the company along with the Government of Singapore Investment Corporation jointly bought a piece of prime land in Bangalore's Whitefield from Hindustan Unilever for Rs 125 crore.

While Brigade will hold a majority stake, GIC will control 49 percent of the upcoming project. GIC will be investing a little over Rs 100 crore in the project, including land and construction costs, Brigade said in a notice to the stock exchange late last evening.

At 12:45 p.m., the stock was at Rs 52.75, up 8.42 percent, on the BSE. It has touched a high of Rs 53.40 and a low of Rs 50.25 in trade so far.

The stock broke above its 50 DMA on huge volumes on the BSE.

According to the Brigade group, the project will target high-income individuals and is likely to have a total 1 million sq ft of development potential. The company expects revenue of Rs 700 crore from the proeject in the next 3-4 years.