Brigade Enterprises rises 4% on MoUs with Tamil Nadu govt worth Rs 3,400 crore

Shares of Brigade Enterprises jumped nearly 4 percent in early trade on January 9, post inking memorandum of understanding (MoUs) worth Rs 3,400 crore with the Tamil Nadu government. At 9:17 am, the Brigade Enterprises stock was trading at Rs 973.25 on the NSE.

Brigade Enterprises Limited has signed MoUs with the Government of Tamil Nadu to invest Rs 3,400 crore in the state with a potential of employment creation for around 25,000 people over the next three-four years.

Also Read: Brigade Group signs two MoUs with Tamil Nadu govt, to invest over Rs 3400 crore

The company signed two MoUs, one with the Chennai Metropolitan Development Authority (CMDA) and the other with ELCOT, Information Technology and Digital Services Department, Government of Tamil Nadu as part of Tamil Nadu’s Global Investors Meet (GIM) 2024, in the presence of Shri M.K. Stalin, Hon. Chief Minister. Govt. of Tamil Nadu as detailed by the company in a corporate disclosure with BSE on January 8.

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Further, the MoU with Chennai Metropolitan Development Authority is for Brigade’s expansion in Chennai and setting up two high-rise residential buildings in the IT belt of Sholinganallur, with an investment of over Rs 2000 crores.

The second MoU is with ELCOT, IT&DS which entails an investment of around Rs 1400 crores for high rise commercial and residential developments, across different micro-markets including Mount Road. These projects are expected to be completed within the next three-four years. The Government of Tamil Nadu will provide the necessary support and regulatory facilitation subject to applicable laws.

Brigade Enterprises Stock Performance

The Brigade Enterprises stock has given a return of 69.07 percent over the last six months. The benchmark Nifty50 index has given a return of 11.12 percent over the same duration.

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