Latest News | Bombay Dyeing Shares Jump 20 Pc; Hit 52-week High After Land Deal
Get latest articles and stories on Latest News at LatestLY. 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.
New Delhi, Sep 14 (PTI) 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, told PTI.
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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)