Nitesh Estate builds up

It is after some time that we are seeing some momentum in a realty stock. Nitesh Estate, which had hit a new 52-week low at the beginning of this month at Rs.9.25 is up today almost 6% at Rs.11.75. Volumes are high at 33,000 shares. Its market cap is at Rs.171 crore.

The stock has risen today after the company announced that it has received all the necessary clearances to start operations at 'The Ritz- Carlton', Bangalore, the 5 star luxury hotel in the central business district. These clearances include occupancy certificate, tourism board NOC, food & restaurant permits, trade license, pollution clearance and fire clearance for its commencement. The hotel is expected to start operations by Sept 2013. Our editor, Mr.SP Tulsian, in his column, Market Whispers, expects the stock to touch Rs.14 in the next one month.