Century Textiles gains 2% on purchase of stake by Vanderbilt University

At 11.45 am on the NSE, the stock was quoting at Rs 918, up Rs 21.05, or 2.35 percent from the previous close.

The share price of Century Textiles and Industries Limited was up by 2 percent in the morning trade of Friday after Vanderbilt University picked up 0.58 percent stake in the textile and paper manufacturer’s equity.

At 11.45 am on the NSE, the stock was quoting at Rs 918, up Rs 21.05, or 2.35 percent from the previous close.

As per the bulk trade numbers published by the exchanges, Vanderbilt University has bought 6 lakh 50 thousand equity shares, or 0.58 percent stake in the company via open market transactions on July 13. The company has an issued equity capital of 1.1 crore shares.

The shares were bought by the entity at a price of Rs 903.01.

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In a corporate filing at the exchanges in post trading hours on Wednesday, the company has also announced the approval of its board to acquire a land parcel worth Rs 595 crore situated in Kalwa, Thane from Hindalco Industries Limited, its sister company from the Aditya Birla Group.

In FY23, the company reported a revenue of Rs 4,800 crore, up 16 percent from Rs 4131 crore reported in FY22. While the OPM (operating-profit-margin) remained flat at 11 percent for FY23, the company registered a 63 percent rise in its Net profit or PAT (profit-after-tax) which stood at Rs 265 crore in FY23 against Rs 162 crore reported in the previous fiscal.

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