Century Textile and Industries jumps on restructuring buzz

Century Textile and Industries rose 5.63% to Rs 673 at 15:18 IST on BSE on speculation of likely restructuring in the group's business.

Meanwhile, the BSE Sensex was up 285.03 points, or 1.02%, to 28,242.52.

On BSE, so far 5.09 lakh shares were traded in the counter, compared with an average volume of 1.55 lakh shares in the past one quarter.

The stock hit a high of Rs 681.90 so far during the day, which is also 52-week high for the counter. The stock hit a low of Rs 631.40 so far during the day. The stock hit a 52-week low of Rs 328.70 on 30 April 2014.

The stock had outperformed the market over the past one month till 31 March 2015, rising 20.14% compared with 4.78% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.63% as against Sensex's 1.67% rise.

The mid-cap company has an equity capital of Rs 93.04 crore. Face value per share is Rs 10.

Last month, stock exchanges had sought clarification from Century Textile and Industries with respect to news report titled, "To mull hiving off cement operations, board to consider proposal of restructuring of cement operations, Bankers suggest selling of cement operations to Ultratech Cement post demerger."

Century Textiles & Industries clarified that the news was not true and should be ignored.

Century Textiles & Industries reported net loss of Rs 63.58 crore in Q3 December 2014 as against net profit of Rs 1.58 crore in Q3 December 2013. Net sales rose 11.73% to Rs 1770 crore in Q3 December 2014 over Q3 December 2013.

Century Textiles and Industries is a trendsetter in cotton textiles and also has a remarkable presence in the yarn, denim, viscose filament rayon yarn, tyre cords, caustic soda, sulphuric acid, salt, cement, and pulp and paper industries.

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