Massive Land Sale worth Rs. 5200 crores to Goisu Realty Boosts Share Prices. Read More>>
Wadia Group owned, Bombay Dyeing surged to a 52-week high at Rs 168.50 post-board approval for a 22-acre land sale in Worli, Mumbai.
Bombay Dyeing may use the sale's proceeds to ease its Rs 3,969 crore debt, surpassing its market cap of Rs 2,900 crore.
Company shifts focus to realty business, fast-tracking projects like Island City Centre flats in Dadar.
Pre-tax profit is expected to exceed Rs 4,300 crore, allowing debt clearance and interest savings.
Bombay Dyeing explores joint ventures for a steady pipeline of income and sustained profitability.