Raymond stock trades higher as arm secures redevelopment project in Mumbai

The share touched a 52-week high of Rs 2,240 and a 52-week low of Rs 1,072 on 05 September, 2023 and 27 October, 2022, respectively.

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Raymond’s shares were trading in the green in early trading on October 30th, as the company’s subsidiary secured a contract in Mahim, Mumbai. As of 9:31 am, Raymond was trading at Rs 1,750.00, up Rs 6.20, or 0.36 percent on the BSE.

‘Ten X Realty Limited’, a wholly-owned subsidiary of Raymond, has been selected as the ‘Preferred Developer’ for the redevelopment of Kumari Jethi T Sipahimalani CHS Ltd. (also known as Navjivan Society) located in Mahim West, as stated in the company’s press release.

The project, which is spread across 3.6 acres, is estimated to generate revenue in excess of Rs 1,700 crores over the project period. The company will pursue this project post internal and external approvals, as required.

This is in line with the company’s growth plans for Real Estate development in the Mumbai Metropolitan Region, and follows its first project outside Thane in Bandra East, where the company recently began construction.

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The company’s board of directors has scheduled a meeting on November 8, 2023 to review and approve the unaudited financial results for the second quarter and half-year ended September 30, 2023.

On September 5, 2023, the share price of the company reached a 52-week high of Rs 2,240 and on October 27, 2022, it reached a 52-week low of Rs 1,072. Currently, the stock is trading at 21.92% below its 52-week high and 63.15% above its 52-week low.