Century Textile Shares Gain As Realty Arm Sells Bengaluru Luxury Home Project
The unit, Birla Estates sold out the first phase of Birla Trimaya in Bengaluru within 36 hours of its launch.
Shares of Century Textile Ltd. rose after its unit, Birla Estates, sold out the first phase of Birla Trimaya in Bengaluru within 36 hours of its launch.
With 556 units booked, accounting for Rs 500 crore in booking value, the company said it has solidified its position as a leader in the luxury residential real estate market in Bengaluru.
Shares of the company rose 4.95% to intraday high of Rs 1,124 apiece, its highest level since Sept. 5, before paring gains to trade 2.66% higher at Rs 1,099.45 apiece as of 9:33 a.m. This compares to a 0.34% decline in the NSE Nifty 50.
It has risen 53.6% on a year-to-date basis. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 58.
Two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.1%.
