Shares of Century Textiles and Industries rallied 5% in the early trade on 27 September after its subsidiary sold out a residential project right after the launch and generated an aggregate booking amount of Rs 500 crore.

The company’s wholly-owned subsidiary, Birla Estates, sold out phase 1 of Birla Trimaya within 36 hours of its launch and generated sales of 556 units.

Birla Trimaya is the company’s 52-acre land parcel in North Bangalore and is in a joint partnership with MS Ramaiah Realty LLP.

Birla Estates MD & CEO KT Jithendran said, “The launch of Birla Trimaya Phase 1 has created a significant milestone as our third investment within this continually evolving city. This achievement only reaffirms our commitment to delivering extraordinary living experiences to our clients.”

Birla Estates is a 100% owned subsidiary company of Century Textiles and Industries, which is a real estate venture of the Aditya Birla Group. The realty firm is in the business of developing land parcels through asset-light joint ventures as well as through outright purchases.

In its quarterly report for the April-June quarter, the company reported a 6.09% YoY decrease in revenue from operations at Rs 1,117.33 crore and reported a net loss of Rs 7.06 crore against the Rs 45.40 crore net profit reported in the year-ago quarter.

At 11:55 am, the shares of Century Textiles were trading at Rs 1,088.30 or 1.62% above its previous close on NSE.