Nitesh Estates up 10%, signs pact for new Bangalore project.

Shares of Nitesh Estates rose on signing up joint development agreement for Rs. 170 crore real estate project in Bangalore. New residential project will have 262 residential units and is located at prime Hosur Main Road, Bangalore, said the company in its filing, adding the project will be launched shortly. According to the real estate developer, the project will give total revenue of Rs. 170 crore to the company and will contribute to the profitability over the 36 months. Meanwhile, the company had a loss of Rs. 3.38 crore in the quarter ended June 2014, declined from Rs. 7.7 crore in previous quarter. Revenue grew by 15 percent sequentially to Rs. 56.39 crore while operating profit margin expanded by 920 basis points quarter-on-quarter to 23.7 percent in the quarter gone by.

HBL