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Shares dip 2%, company says operations remain unaffected.

Income Tax Department Conducts Searches at Brigade Enterprises’ Offices.                                                                                                                                                            

Shares of Brigade Enterprises Ltd fell up to 2% on December 15 after the company disclosed that the Income Tax Department conducted search operations at its registered office and other related locations. The searches began on December 9 and concluded on December 13. In a stock exchange filing, the Bengaluru-based real estate developer said it had fully cooperated with the authorities and provided all required information, adding that its business operations continue without any disruption. Despite the temporary market reaction, analysts remain optimistic. The stock is currently trading around ₹886, while the consensus target price stands at ₹1,279, indicating an upside potential of over 44%. The stock, however, is down nearly 30% year-to-date. Recently, Brigade acquired a 4.04-acre land parcel in Hyderabad’s Neopolis Phase 3 for over ₹475 crore, strengthening its presence in the office-retail corridor. The company also reported strong September-quarter results, with net profit rising 36.5% year-on-year and revenue growing sharply.