Century Textiles shares gain 6% after acquiring residential land in Pune

Shares of Century Textiles soared up to 5.9 per cent at Rs 2,347 per share on the BSE in Monday’s intraday deals. This came after the company’s subsidiary Birla Estates and the real estate arm of the Aditya Birla Group, is set to expand its presence in Pune with a land acquisition in Manjri. 

The land parcel is spread across 16.5 acres with a development potential of approx. 3.2 million square feet and an estimated revenue potential of Rs 2,500 crore, the company said in an exchange filing on Monday. 

According to the company statement, the proposed development will be a  part of an integrated township offering a variety of residential unit configurations. The project is situated on the Pune-Solapur Highway and is in close connectivity to several IT hubs, including Kharadi, Magarpatta, and Phursungi, as well as the Hadapsar MIDC. 

“Pune is a strategic market for us and this acquisition is a step towards our ambitious growth plans. The Pune Sholapur corridor is transforming at a rapid pace and we intend to enhance living standards in Manjri by delivering meticulously designed homes that seamlessly integrate contemporary architecture with thoughtfully chosen amenities,” said KT Jithendran, MD & CEO at Birla Estates.

The Aditya Birla Group reported a 4.40 per cent fall in consolidated net profit of Rs 160.28 crore in Q4FY24 as against Rs 167.66 crore posted in Q4FY23.

The company's Q4 FY24 revenue from Pulp & Paper business declined by 5.58 per centto Rs 859.07 crore from Rs 909.85 crore in Q4FY23.

However, the real estate business of the group recorded a revenue of Rs 92.16 crore in Q4FY24, steeply higher than Rs 36.12 crore in Q4FY23.

At 13:48 PM; the stock of the company was trading 4.66 per cent higher at Rs 2,318.50 per share. By comparison the BSE Sensex was up 0.19 per cent at 77,355 levels.