Bombay Dyeing Shares Jump 20 Pc; Hit 52-Week High After Land Deal

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