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Shares of Bombay Dyeing, a Wadia Group company, have rocketed. Shares of Bombay Dyeing and Manufacturing Company (BMDC) rose 20 percent on Thursday to Rs. 168.50. Shares of the company also made their new 52-week high. The jump in Bombay Dyeing shares came after the news of the land deal surfaced. In fact, the company is selling its 22 acres of land in Worli, Mumbai. The Board of Bombay Dyeing has approved the proposal regarding sale of land.
Land is being sold for 5200 crores
Bombay Dyeing is selling its 22 acres of land to Goisu Realty. It is a subsidiary of Japanese realty developer Sumitomo. This land is being sold for 5200 crore rupees. This is Mumbai’s biggest land deal by value. The land transaction with Sumitomo will be completed in 2 phases. The company will get Rs 4675 crore in the first phase. At the same time, the company will get the remaining Rs 525 crore in the second phase. After completion of the transaction, Bombay Dyeing will be debt free.
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The company’s shares have risen more than 200% in 5 months
Shares of Bombay Dyeing have risen tremendously in the last 5 months. Shares of the Company on 28 March 2023 Bombay Stock Exchange (BSE) Rs. were at 54.01. Shares of Bombay Dyeing on 14 September 2023 on BSE at Rs. 168.50 has been reached. The company’s shares have gained more than 205 percent during this period. At the same time, so far this year, shares of Bombay Dyeing have gained nearly 108 percent. The company’s stock hit a 52-week low of Rs. is 53.37.
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Disclaimer: Information about stock performance is provided here only, not investment advice. Investment in stock market is subject to risk and please consult your advisor before investing.