Tremendous rise in Bombay Dyeing's shares, after a jump of 20 percent, the stock reached 52-week high
Stock Update: Today the stock market is trading on the green mark. Bombay Dyeing shares have seen a rise in Thursday's session. Today the company's shares are trading with a gain of 20 percent. After this, the company's shares have reached their 52-week high. The reason for the rise in the company's shares is the sale of land.
Today the shares of Bombay Dyeing are trading up by more than 20 percent. Today the company's shares have reached their 52-week high. The reason for the rise in the company's shares is the sale of land.
The company's shares have risen after the Wadias-run company announced the sale of 22 acres of land to Japan's Sumitomo for Rs 5,200 crore.
Today the stock rose 19.97 per cent to Rs 168.50 on BSE. This is a 52-week high. At the same time, on NSE it jumped 20 percent to its 52-week high of Rs 168.60.
At the time of writing the news, shares of Bombay Dyeing are trading at 161.85 points, up by 21.35 points.
Wadias-run Bombay Dyeing on Wednesday announced the sale of a 22-acre land parcel to Japan's Sumitomo for Rs 5,200 crore. Located in Worli in central Mumbai, the plot houses the Wadia International Centre, the headquarters of the nearly three-century-old group, and other establishments.
Bombay Realty chief executive Rahul Anand told PTI that this is a big deal and will help solve many of our issues.
The transaction will also help Bombay Dyeing register a pre-tax profit of Rs 4,300 crore take its net worth into positive territory and pay dividends in the future, according to an official statement.