Century Textiles and Industries jumps to record high, up 20% in four sessions

Century Textiles stock has gained a whopping 136 percent since the start of the year.

Shares of Century Textiles and Industries rose 5 percent to hit a fresh record high of Rs 2,925 on September 13, rising for four trading sessions in a row and gaining nearly 20 percent this week. The volumes were also high as 14 lakh shares changed hands against the one-month average of 9 lakh shares.

The upbeat sentiment comes after the Aditya Birla Group-owned company acquired the ownership rights of an approximately 10-acre leasehold land parcel in Worli, Mumbai from Wadia Group chairman Nusli Wadia for Rs 1,100 crore.

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With this agreement, the existing leasehold interest of Century Textiles is merged with the ownership rights. This acquisition will be developed through its wholly owned subsidiary Birla Estates Pvt Ltd, it said in a press release.

Textiles-to-pulps-to-real estate firm Century Textiles & Industries Ltd reported a consolidated net profit of Rs 17.35 crore for the Apr-Jun quarter, returning to black, after reporting a loss of Rs 7.06 crore in the same quarter last year.

The Aditya Birla group-owned firm's consolidated sales for the quarter was Rs 1,139.67 crore, around 28 percent higher than the corresponding quarter a year ago.

At about 2:40 pm, shares of the company were trading at Rs 2,890, up 4 percent from the last close on the NSE. Century Textiles stock has gained a whopping 136 percent since the start of the year.

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