Century Textiles Shares Jump After Unit Buys Land Parcel In Gurugram

Shares of Century Textiles and Industries Ltd. jumped over 8% on Tuesday as the company's wholly owned subsidiary, Birla Estates Pvt., acquired a five-acre land parcel in sector 71, Gurugram.

The land has a future development potential of around one million square feet and an approximate revenue potential of Rs 1,400 crore, according to an exchange filing.

"Situated on Southern Peripheral 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 (food and beverage), retail, and commercial centers," the company said

Shares of the company rose as much as 8.26%, the highest level since July 10, before paring gains to trade 4.76% higher at Rs 2,201.56 apiece as of 11:00 a.m. This compared to a 0.28% advance in the NSE Nifty 50.

The stock has risen 80.27% year-to-date and 104.88% in the last 12 months. Total traded volume on NSE so far in the day stood at 3.30 times its 30-day average. The relative strength index was at 49.98.

All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 27.4%.