Brigade Enterprises shares jumped over 7 percent on November 9, a day after the company reported healthy earnings for the fiscal second quarter. The Bengaluru-based listed real estate developer's net profit jumped 72 percent on-year due to strong demand for housing projects. Revenue from real estate, its largest unit, rose 70 percent YoY.
At 10:11 am, Brigade Enterprises shares were trading over percent higher at Rs 733.65 on the National Stock Exchange. The stock has rallied nearly 60 percent so far in 2023.
All business verticals contributed to the growth in Q2 FY24. 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.
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"With a robust pipeline of launches in Bengaluru, Chennai and Hyderabad we are confident that we will sustain the momentum going forward." said Pavitra Shankar, Managing Director, Brigade Enterprises Ltd.
Weekly technical pick
Brigade Enterprises is Axis Securities' top technical pick for the week. It exhibited a robust breakout from a “Consolidation Zone” between 642 and 550 range on the weekly chart, marked by a powerful bullish candle, signaling a positive bias, the brokerage said.
The stock is currently following a rising channel formation in the medium term, finding support at the lower band of the channel recently and rebounding, indicating a potential move towards the upper band, it added.
"It is holding above key averages of 20, 50, 100, and 200 days Simple Moving Average (SMA), signaling a strong uptrend in the stock The weekly strength indicator RSI has given a crossover above its reference line, generating a buy signal," said Axis Securities, adding that the analysis indicates an upside of 742-760 levels.
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