Bombay Dyeing gains on receiving occupancy certificate

The textile to real estate developers has received Part Occupancy Certificate for Part 2 of its high-rise project located in Dadar-Naigaon. The document is significant for the company as it signifies that the building is fit for an occupation.

The certificate received from the land regulator, Municipal Corporation of Greater Mumbai (MCGM) is for the Part 2 development work of Bombay Dyeing's residential building comprising 38th upper floor, plus 2nd service floor, plus 2nd fire check floor as well as 39th to 50th upper residential floors located on plot bearing city survey number 120, 1/128 & 223 falling under Dadar-Naigaon Division at GD Ambekar Road.

The project is also called as Two ICC Building, wherein ICC stands for Island City Centre. The construction is completed as per development completion certificate issued by architect and the Chief Fire Officer. Earlier in March, MCGM had issued the first Part Occupancy Certificate to the same project.

Reacting to this positive and significant development for the company, the stock of Bombay Dyeing was at Rs. 107.75 per share, up by 4.16 per cent on Friday.

The yesteryear textile company Bombay Dyeing today derives majority of its revenues from its real estate business segment. For the fiscal year 2018-19, the company's profit was at Rs. 1,229.98 crore as against Rs. 34.41 crore in the previous year. Also, last week, the company's Chief Financial Officer, Vishnu Sundararajan Peruvemba tendered his resignation citing personal reasons. He will continue as CFO until August, 2019.