Century Textiles corrects ahead of ex-date for de-merger

Century Textiles & Industries fell 4.35% to Rs 884.35, reversing yesterday's 7% surge.

The stock spurted 7.21% to end at Rs 924.60 yesterday, 9 October 2019.

The shares of Century Textiles & Industries will turn ex-date on Friday, 11 October 2019, for the proposed de-merger. The company will hive off its cement division and merge it with UltraTech Cement. Century Textiles shareholders will get one share of UltraTech for every eight held.

Meanwhile, the S&P BSE Sensex was down 264 points or 0.69% to 37,913.62.

On the BSE, 35893 shares were traded in the counter so far compared with average daily volumes of 40180 shares in the past one quarter. The stock hit a high of Rs 925 and a low of Rs 881.85 so far during the day.

The stock hit a 52-week high of Rs 1066.55 on 03 Jun 2019. The stock hit a 52-week low of Rs 707 on 15 Feb 2019.

On a consolidated basis, Century Textiles' net profit rose 11% to Rs 180.62 crore on a 2.1% decline in net sales to Rs 855.64 crore in Q1 June 2019 over Q1 June 2018.

Century Textiles and Industries is a trendsetter in cotton textiles and also has a remarkable presence in the cement, pulp and paper and real estate sectors.

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