Shares of Brigade Enterprises gained on Thursday morning as the company signed a joint development agreement for a project worth ₹1,100 crore in Bengaluru.

What Happened: Brigade Enterprises announced a joint development residential project in West Bangalore's Tumkur Road. The project is spread across 8 acres with a total development area of 12 lakh square feet and has an estimated gross development value (GDV) of ₹1,100 crore. 

The project will consist mainly of two and three-bedroom apartments. 

See Also: Brokerages Maintain Bullish Stance On L&T Finance On In-Line Business Update For June Quarter

In June, Brigade Enterprises launched Brigade Insignia, a premium residential project in Yelahanka, Bengaluru. According to the company, this project also has a revenue potential of ₹1,100 crore. 

The company also announced it will develop a ₹150 crore project in Kochi in June. Brigade Enterprises will work on the third World Trade Center tower in Infopark Kochi and the project is expected to be completed in three years. 

Price Action: Shares of Brigade Enterprises had risen 3.21% to ₹1,412 on Thursday morning session. 

Read Next: Yes Bank Shares Volatile As Brokerage Sees 29% Downside Ahead