Bombay Dyeing Shares Rally 9% After Land Deal; Hits 52-Week High In Intra-day Trade

Shares of Bombay Dyeing on Thursday ended with a jump of over 9 per cent after hitting the 52-week high level during the day as 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 as well as the upper circuit limit -- on the BSE during the day. Shares of the company finally ended at Rs 153.10 apiece, up 9.01 per cent.

At the NSE, it zoomed 20 per cent to reach its 52-week high of Rs 168.60 during the trade. The stock ended at Rs 153.40, rallying 9.18 per cent.

In traded volume terms, 33.02 lakh shares of the firm were traded at the BSE and over 4 crore shares at the NSE during the day.

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 a statement.