Century Textiles' Worli operations halt as workers opt for VRS

13 December 2006

About 6,300 employees out of a total of about 6,600 opted for voluntary retirement at the Worli unit, making it almost stagnant, the company said in a filing with the Bombay Stock Exchange (BSE).

The company had launched a voluntary retirement scheme (VRS) with a view to reduce the manufacturing operations in its textile mill at Worli.

The Century stock rose to a day's high of Rs622.70 following reports of the VRS at its Mumbai mill. Brokers said the gains were on expectations that the company would soon consider developing the Mumbai property. Century was at Rs613.35, up five per cent.

The company had posted an over 10-time rise in net profit after tax and exceptional items at Rs748 crore for the quarter ended September `06 against Rs7.4 crore for the quarter ended September `05.

Net sales increased by 27.30 per cent to Rs742.1 crore for the quarter ended September` 06 from Rs5,83.0 crore for the quarter ended September 2005.