Century textiles stock: Amidst the fluctuations in the stock market, some stocks saw a stormy rise on Wednesday. One such stock is Aditya Birla Group’s real estate company – Century Textiles and Industries. The company’s shares rose by more than 8 percent during intraday trading and reached an all-time high of ₹ 2690. Earlier on Tuesday, the stock had gained about 6 percent. In this way, the total two-day gain has become 14 percent.
Reasons for the boom
Century Textiles and Industries on Tuesday said it has bought about 10 acres of leasehold land in Worli, Mumbai from Nusli Wadia for Rs 1,100 crore. The company said it expects a revenue of Rs 14,000 crore from real estate development on this land. Under the deal, the company’s existing lease was converted into ownership rights. At the same time, Rs 1,100 crore has been paid in this deal. Let us tell you that the development of the land will be done through its wholly owned subsidiary Birla Estates.
Active since 2016
Since entering real estate in 2016 under the Birla Estate brand, Century Textiles has focused on housing and commercial real estate development in key Indian markets including MMR, Bengaluru, NCR and Pune. The company also recently opened its first international office in Dubai to serve potential clients in the Gulf region.
stock performance
The company’s shares have given strong returns this year. The stock has doubled investors’ wealth in less than nine months, of which eight months have ended in positive territory. During this period, the stock price has increased from ₹ 1231 to ₹ 2642 per share, showing a return of 116 percent. From its 2020 low of ₹ 218, the stock has given a return of 1111 percent so far.
