Century Textiles soars 8% after subsidiary acquires 5-acre land parcel in Gurugram

Century Textiles and Industries shares gained over 8% to hit an intraday high of ₹2,275 apiece on the NSE on Tuesday, July 16, after the company announced acquiring a new land parcel in Gurugram, Haryana.

In a filing to the stock exchanges, the company said that one of its subsidiaries acquired a land parcel in Gurugram on Monday. The land parcel is expected to generate a revenue of more than ₹1,400 crore.

Century Textiles informed the bourses that its wholly-owned subsidiary Birla Estates Pvt Ltd acquired a 5-acre land parcel in Sector 71, Gurugram. Birla Estates is the real-estate arm of the Aditya Birla Group.

The company said the land parcel has a development potential of around 10 lakh square feet. It expects to generate revenue of over ₹1,400 crore through the construction of a residential project.

Birla Estates mentioned in the release that it will build luxury high-rise residential towers along with clubhouse amenities on the land parcel. The company added in the release that the land parcel is situated on the Southern Peripheral Road (SPR) Road in Sector 71 and offers connectivity to Delhi and other parts of Gurugram via the Dwarka Expressway, Sohna Road, and Golf Course Extension Road.

Earlier on July 9, the company informed the exchanges that Birla Estates incorporated a wholly-owned subsidiary, Adyasha Properties Private Limited. The company mentioned in the release that Adyasha Properties Private Limited became a step-down wholly-owned subsidiary of Century Textiles and Industries after its incorporation.

Century Textiles and Industries Ltd. was founded as a single-unit textile entity in 1897, according to the company’s website. It is part of the Aditya Birla Group and operates primarily in cotton textiles, pulp, and paper industries. In 2016, it forayed into the real estate industry with the launch of Birla Estates.

Century Textiles and Industries shares traded at ₹2,189.25 per share, up by 4.88%, on the NSE at 11:45 am.