Century Textiles up 8% on demerger of cement, paper biz

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26 Aug, 2025 12:21

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Shares of Century Textiles and Industries climbed 8.4 percent intraday Wednesday on media reports that company's textile & cement businesses may be demerged, and paper division may be sold.

India's largest cigarette maker ITC is in talks with Century Textile and Industries Ltd to buy its paper division in a bid to diversify revenue to non-tobacco businesses, said two sources directly involved in the deal.

However, ITC told CNBC-TV18 that they are not looking at paper business of Century.

In separate transactions, Century's textile division will be merged with Aditya Birla Nuvo and the cement unit will be merged with UltraTech Cement, as part of the company's restructuring, the sources said.

The sources declined to be named as the deal talks were not public yet.

Axis Bank is advising Century Textile on the restructuring process, the sources said.

A spokeswoman for Aditya Birla group declined to comment and a spokesman for ITC did not immediately reply to Reuters request for comment. Century Textile's officials were not immediately reachable. Axis Capital spokeswoman did not immediately offered comments.

At 11:25 hours IST, the scrip of Century Textiles and Industries was quoting at Rs 754.75, up Rs 40, or 5.60 percent while UltraTech Cement rose 1.53 percent to Rs 2,797.50 and Aditya Birla Nuvo jumped 2.5 percent to Rs 1,653.50 on the Bombay Stock Exchange.

(With inputs from Reuters)