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 Bombay Dyeing Share traded 20% higher and touched the 52- Week high mark, This comes in lieu of the mega land deal which they cracked with Sumitomo
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