 "Century Textiles arm forms JV with Barmalt India; share price zooms 13%")
Century Textiles share price: Century Textiles share price surged 12.8 per cent to Rs 2,076.75 apiece on the BSE on Thursday after the company's wholly-owned subsidiary formed a joint venture with Barmalt India Private Ltd for a luxury residential group housing development in Sector 31, Gurugram.
At 10:13 AM, shares of Century Textiles were ruling 12 per cent higher at Rs 2,063.5 per share as against a 0.66-per cent rise in the benchmark S&P BSE Sensex.
On Wednesday, Birla Estates Private Ltd, the real estate venture of Aditya Birla Group, and a 100 per cent wholly-owned subsidiary of Century Textiles and Industries, entered into a JV with Barmalt India Pvt Ltd for a luxury residential project in Gurugram.
"The land parcel is spread across 13.27 acres with a development potential of approximately 2.4 million square feet offering a revenue potential of approximately Rs 5,000 crore, according to a stock exchange filing.
The project, according to the company, has connectivity to Cyber City, Golf Course Road, and Sohna Road. It will also be located close to commercial hubs such as City Centre 29, Signature Towers, 32nd Avenue, and Crowne Plaza with easy connectivity via NH-48 as well as the metro line.
"Having deep roots in Gurugram, Barmalt shares a strong relationship and connection with the city. Our collective market expertise and vision will undoubtedly redefine the residential landscape in Gurugram, offering homebuyers an unparalleled lifestyle experience," said Akshi Jindal, CEO of Barmalt India.
Birla Estates develops premium residential housing in key markets. The company is developing land parcels both through outright purchases as well as asset light Joint Ventures apart from developing its own land parcels.
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The Century Textiles-arm is focused on developing world class residential, commercial, and mixed use properties and aims to be amongst the top real estate companies in India.
Birla Estates is headquartered at Mumbai and currently has regional offices in NCR, Bengaluru, and Pun. It also has a well-established commercial portfolio with two grade-A commercial buildings located in Worli, Mumbai with ~6 lakh square feet of leasable area.
Meanwhile, financially, Century Textiles and Industries' total revenue increased by 71.71 per cent year-on-year (Y-o-Y) in the March quarter (Q4FY24) to Rs 1,685.88 crore, while profit decreased by 97.36 per cent Y-o-Y to Rs 3.83 crore.