Century Textiles shares rise 7%, hit 52-week high; here's why
Century Textiles shares rose 7.36% to a fresh 52 week high of Rs 2528.55 on Tuesday. Market cap of the firm climbed to Rs 27,700 crore.
- Sep 10, 2024,
- Updated Sep 10, 2024 3:51 PM IST
Shares of Century Textiles and Industries rose over 7% in early deals on Tuesday after the Aditya Birla Group firm said has acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia. With this transaction, the existing leasehold interest of Century Textiles is merged with the ownership rights. The amount paid for this transaction is Rs 1,100 crore.
Century Textiles shares rose 7.36% to a fresh 52 week high of Rs 2528.55 on Tuesday against the previous close of Rs 2355 on BSE. Market cap of the firm climbed to Rs 27,700 crore. Total 0.54 lakh shares of the firm changed hands amounting to a turnover of Rs 13.25 crore.
The stock has risen 129% in a year and climbed 173% in two years, clocking multibagger returns during the period. In five years, the stock is up 533%.
Century Textiles shares have a one-year beta of 1.1, indicating high volatility during the period.
In terms of technicals, the relative strength index (RSI) of Century Textiles stands at 41.1, signaling it's trading neither in the overbought nor in the overtrading zone.
Century Textiles stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
"This 10-acre land parcel adds an approximate booking value potential of Rs 14000 crore to the company. It also paves the way for a gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of approximately Rs 28000 Cr. This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago, which achieved great success and is one of the fastest selling Uber luxury projects in MMR, with cumulative sales of over Rs 5700 crore since its launch," said the firm in a communication to bourses.
Century Textiles & Industries is principally engaged in manufacturing of Textiles, Cement, Pulp and Paper and Real estate.
Shares of Century Textiles and Industries rose over 7% in early deals on Tuesday after the Aditya Birla Group firm said has acquired the ownership rights of approximately 10-acre leasehold land parcel in Worli, Mumbai from Nusli Wadia. With this transaction, the existing leasehold interest of Century Textiles is merged with the ownership rights. The amount paid for this transaction is Rs 1,100 crore.
Century Textiles shares rose 7.36% to a fresh 52 week high of Rs 2528.55 on Tuesday against the previous close of Rs 2355 on BSE. Market cap of the firm climbed to Rs 27,700 crore. Total 0.54 lakh shares of the firm changed hands amounting to a turnover of Rs 13.25 crore.
The stock has risen 129% in a year and climbed 173% in two years, clocking multibagger returns during the period. In five years, the stock is up 533%.
Century Textiles shares have a one-year beta of 1.1, indicating high volatility during the period.
In terms of technicals, the relative strength index (RSI) of Century Textiles stands at 41.1, signaling it's trading neither in the overbought nor in the overtrading zone.
Century Textiles stock is trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
"This 10-acre land parcel adds an approximate booking value potential of Rs 14000 crore to the company. It also paves the way for a gross 30-acre contiguous landholding in this prime area, with an overall booking value potential of approximately Rs 28000 Cr. This includes Birla Niyaara, the flagship project of Birla Estates, launched a few years ago, which achieved great success and is one of the fastest selling Uber luxury projects in MMR, with cumulative sales of over Rs 5700 crore since its launch," said the firm in a communication to bourses.
Century Textiles & Industries is principally engaged in manufacturing of Textiles, Cement, Pulp and Paper and Real estate.