Century Textiles stock soars 7% to new high following acquisition of 10-acre land parcel from Nusli Wadia

In the past 12 months, Century Textiles stock has gained around 147, while Nifty climbed 28 percent during the same period.

Shares of Century Textiles and Industries surged over 7 percent to hit a fresh record high of Rs 2,689 on the National Stock Exchange. The surge came 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.

With this transaction, 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, Century Textiles said in a release.

The 10-acre land parcel has a booking value potential of Rs 14,000 crore, and also paves the way for a contiguous holding of around 30 acres, which has a combined booking value potential of Rs 28,000 crore, the company said, adding that the area includes the company's Birla Niyaara luxury housing development, which has had total sales of Rs 5,700 crore.

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Worli as a location is leading the current surge in luxury real estate, the release noted, highlighting its appeal to buyers not only in South Mumbai but also beyond.

Century Textiles, via Birla Estates, is transitioning to a major real estate player, focusing on premium and luxury developments in cities like Mumbai, the National Capital Region (NCR), Bengaluru, and Pune.

Century Textiles stock also surged amid heavy volumes as 22 lakh shares of the company changed hands on BSE and NSE combined, compared to the one-month average trading volume of 6 lakh equity shares.

At 10:45 am, Century Textiles shares were trading over 7 percent higher at Rs 2,662.95 on the National Stock Exchange (NSE). The stock has gained around 106 percent so far this year, more than doubling investors' money.

In the past 12 months, Century Textiles stock has gained around 147, while Nifty climbed 28 percent during the same period.

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