Shares of Century Textiles and Industries snapped a three-day losing streak and rose nearly six percent after the company acquired land in Manjri, Pune with an estimated revenue potential of Rs 2,500 crore.
At 02.16 PM, shares of Century Textiles traded 4.5 percent higher at Rs 2,317. The stock has gained a whopping 90 percent in six months, massively outperforming Nifty 50 which gained 10 percent during the same period.
Century Textiles' wholly-owned subsidiary Birla Estates acquired a land parcel in Pune, which spans 16.5 acres and offers a development potential of approximately 32 lakh square feet.
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The proposed development will be part of an integrated township, offering a variety of residential unit configurations. The project is strategically situated on the Pune-Solapur Highway. This location provides seamless connectivity to several IT hubs, including Kharadi, Magarpatta, and Phursungi, as well as the Hadapsar MIDC.
Commenting on this development, K. T. Jithendran, MD & CEO of Birla Estates, said, “Pune is a strategic market for us, and this acquisition is a step towards our ambitious growth plans. The Pune-Solapur corridor is transforming at a rapid pace, and we intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities.”
Additionally, the project is well-connected to educational institutions, healthcare facilities, and shopping centers. The area's connectivity to the Pune Ring Road, positions Manjri as a promising location for future development, Century Textiles said in a filing.
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