Century’s textile stock has skyrocketed in a year; it has jumped over 171% in a year and surged by 12% in a day, recently hitting an all-time high. While the company’s stock performance has been significantly good, investors should take their steps with caution, try to find out the reason for this surge, and study the company’s fundamentals.
Why Century Textile Is Growing
The company has been growing significantly, and the reasons for it are Investors expressed interest when the company announced a group of investors visiting the luxurious residential unit ‘Birla Niyaara’ in Worli, Mumbai, which is priced between 75,000 and 80000 per square foot.
Since its launch in the fourth quarter of FY22, the Birla Niyaara project has achieved unimaginable sales, with almost 85% of the units being sold by September 2023. Century Textiles has outperformed the market, giving a whopping 117% return in a year, which attracted more investors to invest.
Their strategic expansion in metropolitan cities like Mumbai, Delhi NCR, Pune, and Bengaluru has allowed them to take advantage of the growing demand for their luxurious and premium real estate offerings.
Analysts Advise For Investors
There are very different opinions going around in the market about the stock. Analysts like Jigar S. Patel think that this stock will face some difficulties going to a higher price point than this, and he suggests waiting for the price to drop.
Other analysts believe that the stock will continue its rally to the top, and according to their research and study of the chart patterns of the company, they advise investors to continue investing with a stop loss of $1500. Backing him up, Kushal Gandhi recommends buying the stock and setting a target of 1975 with a stop-loss of 1544.
Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not TheStockMarketLive. We advise investors to check with certified experts before making any investment decisions.TheStockMarketLive. We advise investors to check with certified experts before making any investment decisions.