Century Textiles stock: Despite the fluctuation in the market for stocks, some stocks saw an explosive rise on Wednesday.
One of these stocks is Aditya Birla Group’s Real estate firm called Century Textiles & Industries Ltd (NSE: CENTURYTEX).
The share of the company rose over 8 % during trading on the intraday market and hit the record highest of Rs 2690. On Tuesday the stock was up approximately 6 %.
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Reason For Rise
Century Textiles & Industries Ltd on Tuesday announced that it had purchased around 10 acres of leasehold property within Worli, Mumbai from Nusli Wadia for a sum of 1100 crore rupees.
The company stated that it anticipates to earn a profit of 14,000 crore rupees from its real property development on the plot. The lease of the company was changed to rights of ownership.
Additionally, the sum of 1,100 crore rupees has been repaid under this deal. We can inform you that expansion on the land will be carried out through its fully-owned affiliate Birla Estates.
In Operation Since The Year 2016
Since it entered into real property under the Birla Estate brand in the year 2016, Century Textiles & Industries Ltd has focused on commercial and residential construction of real estate in important Indian markets like MMR, Bengaluru, NCR, and Pune.
The company recently also inaugurated its first international office in Dubai to provide services to potential clients within the Gulf region.
Stock Performance
The company’s share has delivered impressive returns in the past year. The value of the stock has doubled the fortunes of investors within less than nine months. Of that, eight months ended in positive territory.
During this time it was a time when the price of stock rose from 1231 rupees up to 2642 rupees per share, indicating a return of 103.13% (YTD). From its low in 2020 of 218 rupees The stock has delivered an 1,111 % return to date.
Quick Fact
| Company name | Century Textiles |
|---|---|
| Sector | Real estate |
| Parent Group | Aditya Birla |
| Stock Symbol | CENTURYTEX (NSE) |
| Recent Rise | 8% intraday |
| Record High | ₹2690 |
| Rise Previous Day | 6% |
| Reason for Rise | Property purchase in Worli, Mumbai |
| Property Size | 10 acres |
| Seller | Nusli Wadia |
| Purchase Price | ₹1100 crore |
| Potential Profit | Possible ₹14,000 crore from development |
| Payment Status | ₹1100 crore repaid |
| Development Entity | Birla Estates (affiliate) |
| Real Estate Focus | Commercial & Residential |
| Key Markets | MMR, Bengaluru, NCR, Pune |
| Global Expansion | First office in Dubai |
| Stock Return (1 Year) | 103.13% |
| Stock Low (2020) | ₹218 |
| Return from 2020 Low | 1,111% |
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