Brigade Enterprises earns 4% on the Rs 3,400 crore Memorandum of Understanding with the Tamil Nadu government

Brigade Enterprises earns 4% on the Rs 3,400 crore Memorandum of Understanding with the Tamil Nadu government

Brigade Enterprises earns 4% on the Rs 3,400 crore Memorandum of Understanding with the Tamil Nadu government

The shares of Brigade Enterprises has returned 69.07 percent during the past half-year. The benchmark Nifty 50 index has returned 11.12% during the same time frame.

An agreement has been inked between Brigade Enterprises Limited and the Tamil Nadu government to invest Rs 3400 crore in the state.

Brigade Enterprises' stock increased by around 4% in early trading on January 9 after the signing of a Rs 3,400 crore memorandum to recognize (MoU) with the Tamil Nadu government. Brigade Enterprises' shares were being sold at Rs 973.25 on the NSE at 9:17 a.m.

An agreement has been reached between Brigade Enterprises Limited and the Tamil Nadu government to invest Rs 3,400 crore in the state, with the aim of employing about 25,000 people over the course of the next three to four years.

During the Tamil Nadu Global Investors Meet (GIM) 2024, the firm inked two Memorandums of Understanding (MoUs); the first was with the Chennai Metropolitan Development Authority (CMDA), and the second was with ELCOT, the Department of Information Technology as well as Digital Services of the Tamil Nadu government. Hon. Chief Minister, Shri M.K. Stalin. Details about the Government of Tamil Nadu were provided by the firm on January 8 in a corporate disclosure filed with the BSE.

In addition, the Memorandum of Understanding with the Chennai Metropolitan Development Authority calls for the construction of two high-rise residential complexes in the Sholinganallur IT district and the development of Brigade across Chennai, with a combined expenditure exceeding Rs 2000 crore.

The second memorandum of understanding (MoU) is with ELCOT, IT&DS, and pertains to an investment of over Rs 1400 crore for the building of high-rise residential and commercial spaces in several micromarkets, including Mount Road. It is anticipated that these projects will be finished during the next three to four years. Subject to relevant legislation, the Tamil Nadu government would provide the required assistance and regulatory facilitation.

Brigade Enterprises' Stock Results

The shares of Brigade Enterprises has returned 69.07 percent during the past half-year. The benchmark Nifty 50 index has returned 11.12% during the same time frame.