Century Textiles hits 52-week low; stock down 7%
The company announced to demerge its cement business (13.4MTPA) and merge it with UltraTech, as the company looks at debt reduction and focus more on its real estate business.
Shares of Century Textiles & Industries (CTIL) stock hit a 52-week low on the NSE. The company announced to demerge its cement business (13.4MTPA) and merge it with UltraTech, as the company looks at debt reduction and focus more on its real estate business.
CTIL aims at unlocking the value of cement business for the shareholders and deleveraging of the balance sheet.
Century Textiles & Industries Ltd is currently trading at Rs993 down by Rs73.45 or 6.89% from its previous closing of Rs1,066.45 on the BSE. The scrip opened at Rs1,014 and has touched a high and low of Rs1,025 and Rs935 respective
As per the press release, UltraTech will get CTIL’s cement division consisting of (a) 3 integrated cement units with a total capacity of 11.4MTPA (excluding 1.2 MTPA, for which statutory clearance is pending), (b) one grinding unit (GU) of 2MTPA, (c) 8.5MTPA clinker capacity, (d) 117MW TPP (adequate to meet >80% of total power requirements), (e) limestone reserves of more than 35 years and (f) rail infrastructure at all units. The cement plants are spread across four states – Madhya Pradesh, West Bengal, Maharashtra, and Chhattisgarh.