Century Textiles shares zoom 12% to hit one-year high level; here's what analysts say

Shares of Century Textile and Industries Ltd rose sharply in Thursday's trade to scale their one-year high level. The stock jumped 12.10 per cent to hit a 52-week high of Rs 1,685. At this price, the multibagger scrip has gained more than 170 per cent in the past one year.

It saw high trading volume on BSE today as around 60,000 shares were last seen changing hands. The figure was higher than the two-week average volume of 8,450 shares. Turnover on the counter came at Rs 9.79 crore, commanding a market capitalisation (m-cap) of Rs 18,382.32 crore.

Analysts largely remained positive on the counter. Major support could be seen at Rs 1,495 level.

"One can buy the stock around Rs 1,590-1,585 levels. Keep stop loss placed at Rs 1,540. And, expected near-term target will be Rs 1,650," Rajesh Palviya, Head Technical Research at Axis Securities, told Business Today TV.

"Century Textiles looks bullish on daily charts with strong support at Rs 1,495. A daily close above resistance of Rs 1,615 could lead to an upside target of Rs 1,777 in the near term," said AR Ramachandran from Tips2trades.

"Support will be at Rs 1,600 and resistance at Rs 1,685. A decisive close above Rs 1,685 level may trigger a further upside till Rs 1,730. Expected trading range will be between Rs 1,550 and Rs 1,750 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

From a single-unit textile entity in 1897, Century Textiles has transformed into a commercial powerhouse. A part of the Aditya Birla Group, the business house also has a remarkable presence in the pulp and paper and real estate sectors.

The company marked its entry into the realty sector in 2016 under the Birla Estates division. Birla Estates is a 100 per cent wholly-owned subsidiary of Century Textiles and has a diversified portfolio of residential, commercial and mixed-use properties.