Raymond surged 18.80% to Rs 1262, extending its winning run to sixth consecutive trading session.
Shares of the worsted suiting fabric maker jumped 46.4% in six trading sessions from its previous closing low of Rs 861.65 on 25 May 2022. The counter hit an all time high of Rs 1,266.90 in intraday today. The stock has zoomed 243.9% from its 52-week low of Rs 367 recorded on 2 June 2021.On the BSE, 3.46 lakh shares were traded in the counter so far compared with average daily volumes of 83,000 shares in the past two weeks.
In last one month, the stock has moved nearly 50% higher, outperforming the Nifty 50 index which decreased 2.54% in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 82.783. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 861.62 and 791.03 respectively. These levels will act as crucial support zones in near term.
Raymond is an integrated suiting manufacturer that offers end-to-end solutions for fabric and garmenting. It has one of the largest exclusive retail networks in the country with around 1,350 stores in more than 600 towns. The group has presence in engineering space engaged in precision engineered products with an expansive presence in national as well as international markets.
Raymond reported 366% jump in consolidated net profit to Rs 263 crore on a 43% increase in net sales to Rs 1,958 crore in Q4 FY22 over Q4 FY21.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
