Shares of Century Textiles and Industries soared over 8 percent on July 16, a day after its wholly-owned subsidiary- Birla Estates acquired a 5-acre land parcel in Gurugram.
The land parcel offers a development potential of around 10 lakh square feet
and is expected to generate revenue of over Rs 1,400 crore, the company stated.
At 09.48 am, shares of Century Textiles were trading at Rs 2,192.95 on the NSE. The positive news also triggered a spike in volumes in the counter as six lakh shares changed hands on the exchanges so far, double the one-month daily traded average of three lakh shares.
“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," KT Jithendran, MD and CEO of Birla Estates said in an exchange filing. "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,” Jithendran added.
Birla Estates has also taken up a rapid expansion in the NCR market and this acquisition adds to its already under-work projects in Golf Course Extension Road, Sector 31 in Gurugram, and Mathura Road in Delhi.
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