Century Textiles gains as promoters release pledged shares

Century Textiles & Industries rose 4.7% to Rs 509 at 14:45 IST on BSE after the company said that a total of 27.51 lakh shares pledged by promoters were released.

Meanwhile, the BSE Sensex was up 155.06 points, or 0.63%, to 24,832.43

On BSE, so far 1.89 lakh shares were traded in the counter, compared with an average volume of 1.26 lakh shares in the past one quarter. The stock hit a high of Rs 511.50 and a low of Rs 488 so far during the day. The stock hit a 52-week high of Rs 793.35 on 13 April 2015. The stock hit a 52-week low of Rs 403.80 on 29 February 2016. The stock had outperformed the market over the past one month till 17 March 2016, rising 11.11% compared with 5.54% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, falling 15.93% as against Sensex's 4.37% fall.

The mid-cap company has an equity capital of Rs 111.70 crore. Face value per share is Rs 10.

Century Textiles & Industries after market hours yesterday, 17 March 2016 said that a total of 27.51 lakh shares of the company comprising 2.71% stake that were pledged by its promoters were released. Promoter group entity Keroram Industries released 27.46 lakh shares on 14 March 2016 while Ramavatar Makharia released 290 shares, Ravi Makharia released 1210 shares and Laxmi Devi Makharia released 3440 shares.

Century Textiles & Industries reported net loss of Rs 10.41 crore in Q3 December 2015, lower than net loss of Rs 63.58 crore in Q3 December 2014. Net sales rose 4.6% to Rs 1875.66 crore in Q3 December 2015 over Q3 December 2014.

Century Textiles & 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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