Shares of Century Textiles and Industries rose 8% in early deals on Tuesday after the Aditya Birla Group firm said its wholly owned subsidiary Birla Estates is gearing up to expand its footprint in NCR region with a strategic land acquisition in Sector 71, Gurugram. The 5-acre parcel offers a development potential of around 10 lakh square feet and is expected to generate revenue of over Rs 1400 plus crore with luxury residential homes. Birla Estates is the real estate venture of the Aditya Birla Group.
Century Textiles shares rose 8% to Rs 2270.40 on Tuesday against the previous close of Rs 2100.70 on BSE. Market cap of the firm climbed to Rs 24,539 crore.
Total 0.22 lakh shares of the firm changed hands amounting to a turnover of Rs 4.94 crore.
The stock has risen 129% in a year and gained 776% in two years, delivering multibagger returns during the period.
Century Textiles shares have a one-year beta of 1, indicating average 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 stands lower than the 10 day, 20 day, 30 day but higher than the 5 day, 50 day, 100 day, 150 day and 200 day moving averages.
“Redefining the Gurugram skyline, the luxury high-rise residential towers will be complemented by elegantly designed clubhouse amenities and landscape. Situated on Southern Peripheral Road (SPR) Road in Sector 71, this prime location offers exceptional connectivity to Delhi and other parts of Gurugram via the Dwarka Expressway, Sohna Road, and Golf Course Extension Road along with proximity to top educational institutions, hospitals, as well as F&B, retail, and commercial centers,” said Century Textiles in a commuinaction to bourses.
K. T. Jithendran, MD & CEO at Birla Estates said, “Gurugram has been a pivotal market for us from the outset. The real estate potential in this micro-market is immense and reinforces our strong focus in the Delhi-NCR region. With this acquisition, we aim to cater to homebuyers seeking exclusivity and distinctive living experiences. At Birla Estates, our commitment transcends luxury; our ethos is to embrace a vision of residences that embody a legacy of dedication and excellence.”
Century Textiles & Industries is principally engaged in manufacturing of Textiles, Cement, Pulp and Paper and Real estate.