Shares of Century Textiles and Industries, subsidiary of Aditya Birla Group, gained 16.6 per cent after the company announced its quarterly earnings on Wednesday.
The firm posted a profit of Rs 25 crore in Q1 FY22 as against a loss of Rs 36 crore in Q1FY21. The company’s sales went up 111 per cent at Rs 832 crore in Q1FY22 as against Rs 394 in Q1FY21.
Among others, the company also announced it has obtained Intimation of Disapproval for its real estate project in Century Mills site at Worli in Mumbai.
According to the expert, the developer can gauge how much he can develop on the plot. The company's stock opened at Rs 686 apiece, touched intra-day high of Rs 819.50 and closed at Rs 796.35.
Birla Estates, the real estate arm of Century Textiles, will be launching a super-premium project at the Worli site that will have a revenue potential north of Rs 10,000 crore.
"We expect to secure all the approvals from the BMC and the regulator RERA for the Worli project by July-August and hope to formally launch it by October. We've already invested around Rs 475 crore into the project as regulatory and other costs," Century Textiles managing director JC Laddha told agencies in May this year.
The project near the Kamla Mills Compound in central Mumbai will come up on a sprawling 20-acre plot and will have three towers of 65 stories each, though the final number of floors will depend on the FSI permitted by the municipal corporation, he said.