Century Textiles and Industries shares traded a percent higher in the morning of September 26 after the company announced the launch of a real-estate project in Bengaluru by its subsidiary Birla Estates.
“The property has been developed in a joint-venture with MS Ramaiah Realty on a prime 52-acre land parcel in North Bengaluru,” the company said.
“North Bengaluru has become one of the fastest-growing business hubs with several establishments setting up operations in the area. We are delighted to launch our third project in the rapidly developing city. With the launch of Birla Trimaya phase 1, we estimate our potential booking value at approximately Rs 500 crore,” said KT Jithendran, managing director of Birla Estates.
At 9.45am on the NSE, the Century Textiles and Industries stock was quoting Rs 1,098.35, up Rs 12.60, or 1.16 percent.
The stock has been witnessing consolidation since July 31 and is up nearly 51 percent in year-to-date terms.
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In its results for the April-June quarter, the company reported a 6.09 percent YoY decrease in revenue from operations at Rs 1,117.33 crore. The losses for the quarter stood at Rs 7.06 crore against a profit of Rs 45.40 crore reported in the same period last year. The operating losses for the quarter were at Rs 121.17 crore against an operating profit of Rs 139.30 crore reported in Q1FY23.
Century Textiles and Industries is engaged in the business of manufacturing and marketing textiles, cement, pulp, paper, and various industrial products. The company's textile division produces a wide range of fabrics and garments.
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