Century Textiles struggling for a strong foothold in the markets today

Shares of Century Textiles Ltd., a diversified firm with interests in cement and textiles, fell nearly 2 percent after the company plunged to a first quarter loss on the back of higher costs.

Century Textiles, a part of the Aditya Birla Group, said hit quarterly loss of 29 crore rupees compared with a profit of 66.5 crores in the same quarter a year ago. Sales during April-June rose to 2,034 crore rupees compared with 1,895 crore rupees in the year ago period.

Century Textiles' shares fell 1.8 percent, or 12.65 rupees, to 707 rupees on the National Stock Exchange where 17 lakh shares changed hands in the four hours of trade compared with the 5-day average of 9.85 lakh shares.

Century Textiles has been a favourite with investors on expectations that the company will be broken up and its businesses will be merged with parent Aditya Birla group. As a consequence, its market capitalisation has surged 18 percent to 7,150 crore rupees.

(Image credits: Indiatimes)