Bombay Dyeing & Manufacturing Company jumped 3.75% to Rs 72 at 11:35 IST on BSE after the Bombay High Court allowed the company to surrender to BMC and MHADA its land in Wadala in lieu of its land in Lower Parel.
The company made the announcement after market hours on Wednesday, 20 November 2013.
Meanwhile, the BSE Sensex was down 224.33 points, or 1.09%, to 20,410.80.
On BSE, 3.69 lakh shares were traded in the counter compared with average volume of 2.39 lakh shares in the past one quarter.
The stock hit a high of Rs 72.90 and a low of Rs 71.05 so far during the day. The stock hit a 52-week high of Rs 139.85 on 1 January 2013. The stock hit a 52-week low of Rs 37.25 on 7 August 2013.
The stock had outperformed the market over the past one month till 20 November 2013, rising 12.39% compared with the Sensex's 1.19% fall. The scrip had also outperformed the market in past one quarter, rising 44.89% as against Sensex's 13.09% rise.
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The small-cap company has an equity capital of Rs 41.30 crore. Face value per share is Rs 2.
Bombay Dyeing announced that the Bombay High Court on Wednesday, 20 November, 2013, passed an order upholding the petition filed by Bombay Dyeing, a Wadia Group listed entity, permitting it to handover 66,651 square meter (sq. m) land to MCGM and MHADA at a single location in its Spring Mills plot now known as Island City Centre at Wadala.
As a part of its development plans, the company was required to handover 52,331.55 sq. m at Wadala and 12,823.39 at Lower Parel to the two agencies. It had prayed, in a petition that it be allowed to submit the land at one location in Wadala instead of separately at its mill lands in Lower Parel and Wadala under the Integrated Development Scheme for Textile Mills as provided under Section 58 of DCR.
Commenting on the decision, a company spokesperson stated, "We welcome the decision by the Honourable court. I am pleased that we can now move forward with our development plans by handing over the requisite land to MHADA and MCGM. This paves the way for planned world class developments for the city of Mumbai and our customers."
Bombay Realty, a division of Bombay Dyeing is working on an Integrated Development Scheme at Wadala. It has already delivered Springs, a luxury 40 storey residential tower and is currently developing two more world-class premium residential towers at Wadala site called Island City Centre. The Lower Parel situated Bombay Dyeing Mill land is also to be commercially developed, the company said in a statement.
Bombay Dyeing & Manufacturing Company reported a net loss of Rs 62.19 crore in Q2 September 2013, higher than the net loss of Rs 27.74 crore in Q2 September 2012. Net sales rose 0.07% to Rs 494.55 crore in Q2 September 2013 over Q2 September 2012.
Bombay Dyeing & Manufacturing Company manufactures cotton textiles and non-woven fabrics.
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