Century Textiles & Industries soared 10.89% to Rs 2,041 after the company's wholly owned subsidiary, Birla Estates has entered into a joint venture (JV) with Barmalt India for a luxury residential group housing development in Gurugram, Delhi.
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.K. T. Jithendran, MD & CEO of Birla Estates, stated, As we expand our footprint in the DelhiNCR region, we're pleased to announce the addition of this new project in one of Gurugrams most promising micro market. This project reflects our commitment to offering modern homebuyers worldclass living spaces in strategically chosen locations, complemented by exceptional amenities. We are confident this project will set a new benchmark in the Gurugram real estate market."
Akshi Jindal, CEO of Barmalt India said, We are thrilled to partner with Birla Estates for this project and look forward to this association. This collaboration signifies our shared commitment to crafting exceptional living spaces that merge luxury with a purpose. 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.
Century Textiles & Industries has presence in cotton textiles, pulp & paper and real estate sectors.
The Aditya Birla Group company reported a 4.40% fall in consolidated net profit of Rs 160.28 crore in Q4 FY24 as against Rs 167.66 crore posted in Q4 FY23. The company's revenue from Pulp & Paper business fell by 5.58% to Rs 859.07 crore in Q4 FY24 as compared to Rs 909.85 crore registered in Q4 FY23.
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