Bombay Dyeing share price surged as much as 16 per cent in Wednesday’s trading session after following reports that Jehangir Wadia had rejoined to assist in managing the family-run business.
On July 23, the small-cap stock Bombay Dyeing opened at ₹167.51 apiece in early morning session, as compared to previous close of ₹165.13 on Tuesday. At 2:15 pm, the stock touched an intraday high to ₹189.15 on Wednesday.
Jehangir Wadia returns to family business
According to Economic Times reports, Jeh Wadia, the younger son of Wadia Group chairman Nusli Wadia, has returned to the family business after a four-year break. He is focused on modernizing long-standing operations and exploring new growth opportunities. A key part of his strategy is to transition Bombay Dyeing from a traditional textile brand into a consumer-oriented real estate company.
Additionally, the Wadia family is evaluating new business opportunities. Their initial strategy includes leveraging land assets owned by the family and group companies, with the possibility of partnering with external landowners in the future.
“The Bombay Dyeing name must remain relevant for the next generation,” Wadia was quoted as saying by ET.
The Wadia Group has been gradually selling its land assets. In September 2024, Century Textiles and Industries Ltd, a part of the Aditya Birla Group, purchased ownership rights of a nearly 10-acre leasehold land parcel in Worli, Mumbai from the Wadia Group. As per an exchange filing, the deal was valued at ₹1,100 crore.
In August 2024, Bombay Dyeing completed the sale of a 22-acre land parcel in Worli to Sumitomo Realty’s subsidiary, Goisu Realty, for a total of ₹5,200 crore. This included the final transaction of the remaining two acres for ₹440 crore. The sale was part of Bombay Dyeing’s ongoing efforts to reduce its debt. The agreement with Sumitomo was initially announced in September 2023.
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