Century Textiles surges 13% after announcing Birla Estates’ JV with Barmalt India

The company pointed out that the land parcel has a development potential of approximately 2.4 million square feet offering a revenue of approximately ₹5,000 crore.

The project is located in the upscale micro-market of Sector 31, Gurugram, and offers connectivity to Cyber City, Golf Course Road, and Sohna Road. The company said the project is located close to major commercial hubs such as City Centre 29, Signature Towers, 32nd Avenue, and Crowne Plaza which are accessible through NH-48 and the metro line.

Moreover, the Indira Gandhi National Airport, Delhi and prime CBD areas of Gurugram are also easily accessible, it said. “This micro market features premium residential developments, reputed schools and hospitals along with 5-star hotels within the immediate vicinity, ensuring a thriving and vibrant community environment,” the company said.

Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset-light joint ventures apart from developing its own land parcels. The company is headquartered in Mumbai and currently has regional offices in NCR Bengaluru and Pune and also has a well-established commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai with approximately 6 lakh square feet of leasable area.

Birla Estates is a 100% wholly-owned subsidiary of Century Textiles and Industries. For the full fiscal year 2024, Century Textiles reported a 77% decline in net profit at ₹60 crore. Total sales from continuing operations rose 13% to ₹4,264 crore during the year.

Shares of the company have risen by nearly 63% since the beginning of the year. The stock has gained over 162% in the last one year.