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    Buy Brigade Enterprises, target price Rs 525: ICICI Direct

    Synopsis

    Brigade Enterprises, incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 11422.26 Crore) operating in Real Estate sector.

    Brigade EnterprisesGetty Images
    Promoters held 43.82 per cent stake in the company as of 30-Sep-2022, while FIIs owned 13.31 per cent, DIIs 25.28 per cent.
    ICICI Direct has buy call on Brigade Enterprises with a target price of Rs 525. The current market price of Brigade Enterprises is Rs 495.8. Time period given by analyst is 14 days when Brigade Enterprises' price can reach defined target. ICICI Direct recommended to keep stop loss at Rs 462.

    Brigade Enterprises, incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 11422.26 Crore) operating in Real Estate sector.

    Brigade Enterprises key Products/Revenue Segments include Income From Real Estate Development, Lease Rentals, Other Services, Other Operating Revenue for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 912.19 Crore, down -.88 % from last quarter Total Income of Rs 920.28 Crore and up 17.54 % from last year same quarter Total Income of Rs 776.08 Crore. Company has reported net profit after tax of Rs 51.75 Crore in latest quarter.

    The company’s top management includes Mr.M R Jaishankar, Mr.Pradeep Kumar Panja, Dr.Venkatesh Panchapagesan, Ms.Lakshmi Venkatachalam, Mr.Bijou Kurien, Mr.Aroon Raman, Mr.Roshin Mathew, Mr.Amar Mysore, Ms.Pavitra Shankar, Ms.Nirupa Shankar, Mr.Velloor Venkatakrishnan Ranganathan. Company has S R Batliboi & Associates LLP as its auditors. As on 30-09-2022, the company has a total of 23 Crore shares outstanding.

    Investment Rationale
    The stock of Brigade Enterprises is witnessing buying demand after a base above the200 days EMA (currently at Rs 480) and the 80% retracement of the previous up move (Rs 427-585)thus offers fresh entry opportunity with a favourable risk and reward set up. The stock has recently witnessed a shallow retracement of the previous up move as it has already taken 11 weeks to retrace just 80% of its previous 11 weeks up move (|427-585) signalling a higher base formation and a positive price structure. The brokerage expects the stock to head towards Rs 525 levels in the coming weeks being the 50%retracement of the September-November 2022 decline.

    Promoter/FII Holdings
    Promoters held 43.82 per cent stake in the company as of 30-Sep-2022, while FIIs owned 13.31 per cent, DIIs 25.28 per cent.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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