Bombay Dyeing rally continues, stock zooms 100% in one month

The stock, trading at its fresh 52-week high at Rs 161, rallied 101% from Rs 80 on August 8

Bombay Dyeing and Manufacturing Company is locked in upper circuit for the third straight trading session, up 5% at Rs 161.05 on BSE.

The stock, trading at its fresh 52-week high, has gained more than double in past one month. It rallied 101% from Rs 80.20 on August 8, as compared to 1% decline in the S&P BSE Sensex.

Bombay Dyeing informed the bourses on Thursday that it has sold 48.457 acres of freehold land situated at district Pune, Maharashtra for Rs 13.57 crore.

The company’s net loss had narrowed to Rs 33 crore in June quarter (Q1FY18), against loss of Rs 44 crore in a year ago quarter. Its revenue for the Q1FY18 came in at Rs 623 crore, registering 30.8% Year on Year (YoY) increase. This was primarily driven by 137% YoY increase in revenues from real estate segment.

The company’s wholly owned subsidiary Archway Investments Company, a non banking finance company, has been amalgamated with the company. The scheme became effective on June 28, 2017 with appointment date of April 1, 2016, Bombay Dyeing said while announcing Q1 results on August 10.