Nitesh Estates has obtained the approval from Bangalore Development Authority ( BDA) for its Nitesh Virgin Island project.

This project is spread around 8 acre of land will have high rise towers with high-class residential units, aggregating to over million sq.ft of development. The project will yield a turnover of around Rs 3.70 billion to the company.

The stock had outperformed the market over the past one month till Apr. 09, 2018, rising 6.66% compared with the Sensex's 1.45% rise. It underperformed the market in past one quarter, declining 35.48% as against 1.90% fall in the Sensex.

Shares of the company gained Rs 0.51, or 4.14%, to trade at Rs 12.84. The total volume of shares traded was 6,355 at the BSE (10.03 a.m., Tuesday).