Raymond surged 7.11% to Rs 584.30 after a group company signed an agreement to sell its 20-acre land parcel in Thane for Rs 700 crore.
JK Investo Trade (India) (JKIT), an associate company of Raymond, has entered into an agreement for sale (AFS) for its property measuring 78,310 sq. meters (about 20 acres) located at Thane (West) with an affiliate of Virtuous Retail South Asia for Rs 700 crore subject to payment of taxes, cost of approval as applicable.The land parcel at Raymond junction adjoining the Singhania School has a significant advantage in terms of its location and this deal is seen to be iconic as it will bring in significant commercial development in Thane.
Raymond holds 47.66% stake in J.K. Investo Trade (India).
Meanwhile, the S&P BSE Sensex was up 0.38 points to 37,532.36.
On the BSE, 39,000 shares were traded in the Raymond counter so far compared with average daily volumes of 29,000 shares in the past one quarter. The stock hit a high of Rs 595.05 and a low of Rs 560 so far during the day.
The stock hit a 52-week high of Rs 884.85 on 21 Dec 2018. The stock hit a 52-week low of Rs 533.1 on 23 Aug 2019.
Raymond reported a consolidated net loss of Rs 14.83 crore in Q1 June 2019 compared with a net profit of Rs 0.73 crore in Q1 June 2018. Net sales jumped 14.7% to Rs 1,435.12 crore in Q1 June 2019 over Q1 June 2018.
Raymond is India's largest integrated worsted suiting manufacturer that offers end-to-end solutions for fabrics and garmenting.
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