Century Textiles soars on acquiring ownership rights of leasehold land parcel in Worli
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Century Textiles & Industries is currently trading at Rs. 2647.60, up by 165.20 points or 6.65% from its previous closing of Rs. 2482.40 on the BSE.
The scrip opened at Rs. 2519.90 and has touched a high and low of Rs. 2660.00 and Rs. 2479.60 respectively. So far 28812 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2,660.00 on 11-Sep-2024 and a 52 week low of Rs. 997.00 on 12-Sep-2023.
Last one week high and low of the scrip stood at Rs. 2660.00 and Rs. 2328.25 respectively. The current market cap of the company is Rs. 27727.34 crore.
The promoters holding in the company stood at 50.21%, while Institutions and Non-Institutions held 24.26% and 25.53% respectively.
Century Textiles and Industries (CTIL) has acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai from 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 1100 crore.
This acquisition in the prime location of Worli, Mumbai, will be developed through its wholly owned subsidiary, Birla Estates. Worli as a location is in the forefront of the current bullish trend in luxury real estate. Worli today is seen as a hotspot for buyers in not just South Mumbai but also beyond, reaffirming the trend of consumers seeking a curated lifestyle in premium locations.
This 10-acre land parcel adds an approximate booking value potential of Rs 14000 crore to the company. It also paves the way for a gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of approximately Rs 28000 crore. 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 5700 crore since its launch.
Century Textiles & Industries is principally engaged in manufacturing of Textiles, Cement, Pulp and Paper and Real estate.
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