Bombay Dyeing is having s roller coaster of a day today; from its close of Rs.122.90, the stock rose to Rs.123.55 and went on to hit a new 52-week high at Rs.127.95. Profit booking at this level pulled the stock to Rs.119 and is currently trading in the red.
The stock price jumped up to a new high on unconfirmed reports that the company is in talks to sell a portion of its prime land owned in Worli, Mumbai. This is valued at around Rs.5000 crore.
A Japanese conglomerate is leading the race among the bidders to acquire the land which has a development potential of 2 million sq ft for commercial purposes.
Bombay Dyeing will use the proceeds to reduce part of its debt and for other corporate purposes.