Century Textiles shares climb 7% on acquiring 10 acre land parcel in Mumbai
Source: Business Standard
Century Textiles share price gained up to 7.36 per cent at Rs 2,528.55 per share on the BSE in Tuesday’s intraday deals. Century Textiles stock price today surged after the company acquired around 10 acres of land parcel in Worli, Mumbai. The company plans to develop the land, through its real estate subsidiary, Birla Estates.
“Century Textiles and Industries Limited (CTIL) has acquired the ownership rights of approx. 10-acre leasehold land parcel in Worli, Mumbai from Mr. Nusli Wadia. With this transaction, the existing leasehold interest of CTIL is merged with the ownership rights. The amount paid for this transaction is Rs 1,100 crore,” the company said in an exchange filing on Tuesday.
The 10-acre land parcel adds an approximate booking value potential of Rs 14,000 crore to the company.
The company has a gross 30-acre contiguous landholding in the Worli area, with an overall booking value potential of approximately Rs 28,000 crore, the company said. This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago, which achieved great success and is one of the fastest selling Uber luxury projects in MMR, with cumulative sales of over Rs 5,700 crore since its launch.
Century Textiles and Industries reported a 47.1 per cent drop in consolidated net profit to Rs 27.94 crore in Q1FY25, down from Rs 52.82 crore in Q1FY24. Revenue from operations rose by 28.36 per cent year-over-year to Rs 1,139.67 crore in Q1 FY25.
Revenue from the pulp and paper segment fell 6 per cent year-over-year to Rs 786 crore. In contrast, revenue from the real estate segment surged to Rs 338 crore, up from Rs 37 crore in the same quarter last year.
The company has a total market capitalisation of Rs 27,668.14 crore. Its shares are trading at a price to earnings multiple of 166.76 times with an earning per share of Rs 14.12.
At 02:49 PM; the share price of the company was trading 5.15 per cent higher at Rs 2,476.25 a piece. By comparison, the BSE Sensex was trading 0.47 per cent lower at 81,944 levels.
First Published: Sep 10 2024 | 2:59 PM IST
