Bombay Dyeing shares jump 20 per cent; hit 52-week high after land deal
The stock rallied 19.97% to Rs 168.50 -- its 52-week high -- on the BSE and at the NSE, it zoomed 20% to reach its 52-week high of Rs 168.60
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New Delhi: Shares of Bombay Dyeing on Thursday jumped 20 per cent to hit the 52-week high level after the Wadias-run firm announced the sale of a 22-acre land parcel to Japan's Sumitomo for Rs 5,200 crore.
The stock rallied 19.97 per cent to Rs 168.50 -- its 52-week high -- on the BSE. At the NSE, it zoomed 20 per cent to reach its 52-week high of Rs 168.60. In one of the biggest land deals in the financial capital, Wadias-run Bombay Dyeing on Wednesday announced the sale of a 22-acre land parcel to Japan's Sumitomo for Rs 5,200 crore.
The plot in central Mumbai's Worli houses the Wadia International Centre, the nearly three-centuries old group's headquarters and other establishments. "It's a large deal and will help solve a lot of our issues," Rahul Anand, the chief executive of Bombay Realty, an arm of the listed Bombay Dyeing, said.
The transaction will help Bombay Dyeing record a pre-tax profit of Rs 4,300 crore, take its networth into the positive territory, and also pay dividends in the future, as per an official statement.
