Century Textiles shares rise 6% as subsidiary plans expansion in Pune

Shares of Century Textiles & Industries ended 5% higher on Monday after the firm said its wholly owned subsidiary Birla Estates was all set to expand its presence in Pune with a land acquisition in Manjri, Pune. Century Textiles closed 5% higher at Rs 2,327.15 against the previous close of Rs 2,215.30 on BSE. Market cap of the firm rose to Rs 25,993 crore on BSE. Earlier, the stock rose 5.94% intraday to Rs 2347.05 on BSE.

The share hit a 52-week high of Rs 161.45 on February 7, 2024 and a 52-week low of Rs 51.45 on June 27, 2023. 

In terms of technicals, the relative strength index (RSI) of Century Textiles stands at 56.1, signaling it's trading neither in the overbought nor in the oversold zone. The stock has a beta of 1.1, indicating high volatility in a year. Century Textiles shares are trading higher than the 5 day, 20 day, 30 day, 50 day, 100 day and 200 day moving averages.

Century Textiles shares have gained 191.77% in a year and risen 82% in 2024.

The land parcel is spread across 16.5 acre with a development potential of approximately 32 lac sq ft and an estimated revenue potential of Rs 2,500 crore. A part of an Integrated Township, the proposed development will offer a variety of residential unit configurations.

“Located in the rapidly emerging micro-market of Manjri, Pune, the project is situated on the Pune-Solapur Highway offering seamless connectivity to several IT hubs, including Kharadi, Magarpatta, and Phursungi as well as the Hadapsar MIDC,” said Century Textiles in a communication to bourses.

KT Jithendran, MD & CEO at Birla Estates said, “Pune is a strategic market for us and this acquisition is a step towards our ambitious growth plans. The Pune Sholapur corridor is transforming at a rapid pace and we intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities.