Stock watch: Bombay Dyeing

The Bombay Dyeing scrip has been in the thick of action for the past few trading sessions. The stock had lost about 18 per cent in the past one week, after the high court decision to set aside the sale of NTC land in Mumbai.

But the scrip made a strong come back today surging 7.5 per cent to Rs 291 from yesterday's price of Rs 270.70. Deutsche International Trust Corporation bought two lakh fifty thousand shares for a price of Rs 284.31 per share amounting to above Rs 7 crore on the NSE today, as reported in the bulk deals.

With its stake acquisition in Proline India, Bombay Dyeing had earlier announced plans to slot various brands in specific segments. All real estate companies had witnessed selling pressure following the court order on Monday, fearing the unavailability of mill lands for commercial development in Mumbai.

Meanwhile, brokerage firm - Indiabulls, which bought the Jupiter Mills property in central Mumbai, announced on Tuesday, that it will move the Supreme Court challenging the Bombay High Court order. Bombay Dyeing, which was planning to develop its property in Mumbai, was expecting a revenue of approximately Rs 400 crore.

The textile company had been on news recently, after it roped in actor John Abraham, as its new brand ambassador.