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The Century Textiles and Industries stock has been buzzing on the bourses on market talk that a deal to be announced on the sale of its land in a prime area in Mumbai. The deal is likely to be announced this week, said market sources, leading to the increased momentum in the stock. The stock has gained 18.81 per cent over the month on the BSE and 2.42 per cent week-on-week. It touched an intra-day high at Rs 740.70 on the BSE before settling at Rs 718.15.

Strong volumes have been witnessed on the NSE with 8.25 lakh shares changing hands on Tuesday.

The company, however, denied that the land would be sold to any firm. “We will redevelop the land and are negotiating several proposals for the same,” said a senior official from the company.

Namrata Gata

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