Century Textiles & Industries (CTIL) rallied 5.31% to Rs 2,480.05 after the company announced that it has acquired ownership rights of approximately 10 acre leasehold land parcel in Worli at Mumbai from Nusli Wadia.
With this transaction, the existing leasehold interest of CTIL is merged with the ownership rights. The amount paid for this transaction is Rs 1,100 crore.
This acquisition in the prime location of Worli, Mumbai, will be developed through its wholly owned subsidiary, Birla Estates Private.
This 10 acre land parcel adds an approximately booking value potential of Rs 14,000 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 28,000 crore. 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 5,700 Crore. since its launch.
Century Textiles & Industries has presence in cotton textiles, pulp & paper and real estate sectors.
Century Textiles and Industries reported 47.1% decline in consolidated net profit (continuing operations) to Rs 27.94 crore in Q1 FY25 as compared with Rs 52.82 crore in Q1 FY24. Revenue from operations increased 28.36% YoY to Rs 1,139.67 crore in Q1 FY25.
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First Published: Sep 10 2024 | 3:44 PM IST
