Shares of textile major Bombay Dyeing traded with strong gains Monday on reports that the company has increased the pace of real estate development in Mumbai.
The Wadia Group firm has reportedly launched 2.5 million square feet of projects in prime location space in Central Mumbai. That is two and a half times the area it developed over the last six years put together.
At 2.55 p.m., shares in the company traded 8 per cent higher at Rs 447.70 on the BSE, while the Sensex gained 0.64 per cent to 16,256.
Brokerage firm CLSA says a sustained focus on execution could lead to re-rating of stock, which is currently trading at a discount of 74 per cent to the net asset value.
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