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Thursday, 30 March 2017

Nitesh Estates, a Bangalore based luxury property developer, is planning to grow its rental and commercial assets to more than 5 million sq. ft., of space. Heading towards its goal, Nitesh Estates for its Commercial and Rental Business announced the appointment of Mahesh Laxman as chief executive officer.

Nitesh Estates with an investment of around Rs 1500 cr will develop and acquire A-Grade commercial & rental assets across multiple projects. This includes locations in the central business districts and significant micro markets of Bengaluru.

Nitesh Estates on the NSE has delivered negative returns of 27% in a period of one year, underperforming the BSE Small-cap and BSE Realty indices over the same time span.

Nitesh Estates Ltd is currently trading at Rs 8.56, up by Rs 0.39 or 4.77% from its previous closing of Rs 8.17 on the BSE. The scrip opened at Rs 8.4 and has touched a high and low of Rs 8.7 and Rs 8.3 respectively. So far 316663(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 119.14 crore.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 15.4 on 23-Aug-2016 and a 52 week low of Rs 7.13 on 17-Feb-2017. Last one week high and low of the scrip stood at Rs 8.95 and Rs 8 respectively.

The promoters holding in the company stood at 46.52 % while Institutions and Non-Institutions held 23.04 % and 30.44 % respectively. The stock is currently trading above its 200 DMA.

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