Shares of Brigade Enterprises fell 2% to a low of Rs 868.10 on the BSE after the Income Tax Department conducted search operations at its registered office and other locations. The searches took place from December 9 to December 13.
The company stated that it fully cooperated with the authorities, providing all necessary information. Brigade Enterprises also assured that its business operations remain unaffected and are continuing without interruption.
The stock is currently trading at Rs 886, with analysts predicting a target price of Rs 1,279, indicating an upside potential of 44.3%. Out of 12 analysts covering the stock, the consensus rating is Strong Buy. However, the stock has declined nearly 30% since the beginning of the year.
Brigade Enterprises recently acquired a 4.04-acre land parcel in Neopolis Phase 3, Hyderabad, for approximately Rs 118 crore per acre. The total deal value is estimated at over Rs 475 crore. This marks the company's second major investment in the emerging office-retail corridor.
Brigade Enterprises posted a strong performance in the September quarter, with a 36.5% year-on-year increase in consolidated net profit to Rs 163 crore. The company also reported a 29% jump in quarterly revenue to Rs 1,383 crore, with EBITDA increasing 12% to Rs 327.8 crore.
As a leading real estate developer with nearly four decades of experience, Brigade Enterprises has delivered numerous projects across India, including Bengaluru, Chennai, Hyderabad, and GIFT City. With its diverse portfolio of office, retail, residential, hospitality, and educational assets, the company remains a key player in the Indian real estate market.
Key market trends to watch include the growing demand for commercial properties and the increasing focus on sustainable development. As the real estate sector continues to evolve, companies like Brigade Enterprises are poised to benefit from these trends.
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