Raymond hits 52-week high

Raymond rose 8.95% to Rs 519.40 at 14:02 IST on BSE, with the stock extending Friday's gains triggered by reports that the company is planning to cut jobs in its manufacturing centres, replacing them with robots and technology.

Meanwhile, the S&P BSE Sensex was up 41.61 points or 0.15% at 28,640.64

On BSE, so far 3.55 lakh shares were traded in the counter as against average daily volume of 27,460 shares in the past one quarter. The stock hit a high of Rs 534 in intraday trade so far, which is 52-week high for the counter. The stock hit a low of Rs 474.05 so far during the day. The stock had hit a 52-week low of Rs 351.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 16 September 2016, rising 13.43% compared with 1.69% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, rising 2.57% as against Sensex's 7.41% rise.

 

The small-cap company has equity capital of Rs 61.38 crore. Face value per share is Rs 10.

Shares of Raymond have been on a roll recently, gaining 8.97% in three trading days to settle at Rs 476.75 on Friday, 16 September 2016 from its close of Rs 437.50 on 12 September 2016. The stock rose 2.7% to settle at Rs 476.75 on Friday, 16 September 2016 on reports that the company is planning to cut about 10,000 jobs in its manufacturing centres in the next three years, replacing them with robots and technology. Raymond's CEO Sanjay Behl was quoted as saying that through technological intervention the company is looking to scale down the number of jobs to 20,000 in its manufacturing centres in the next three years, from existing strength of about 30,000 people.

On a consolidated basis, Raymond reported net loss of Rs 16.61 crore in Q1 June 2016, higher than net loss of Rs 14.47 crore in Q1 June 2015. Net sales rose 4.81% to Rs 1057.36 crore in Q1 June 2016 over Q1 June 2015.

Raymond offers end-to-end solutions for fabrics and garmenting.

Powered by Capital Market - Live News