Nitesh Estate builds up

Nitesh Estates is doing very well today. The stock is currently up almost 5% at Rs.10.55 and its 52-week high is at Rs.20.50. Volumes though remain muted.

The stock is up after the company announced that it has launched a Rs.300 crore premium high rise condominium project in South Bangalore known as Nitesh British Columbia. In the issued Press Release, the company has stated that this project will be for first time home buyers  and will have 388 apartments with areas of 1000 sq.ft to 1600 sq.ft, with a 2 and 3 BHK configuration. The price of the apartments start at Rs.37 lakh. The market is happy to see some new project being launched as there is always hope of any new launch bringing in more money for the company.