Raymond Limited witnessed a surge in its stock price to a record high on June 10 after its real estate arm was chosen as the “preferred developer” for the redevelopment of MIG VI CHS Ltd in Mumbai’s Bandra East area, as announced by the company on June 8.
At 3:01 pm on June 10, the stock price was trading at Rs 2,556.50 on the NSE, marking a 3.43% increase. Earlier, it had reached an all-time high of Rs 2,685 before retracting some gains. The previous day’s closing price stood at Rs 2,471.65.
Raymond’s fourth quarter net profit surged by 18%, and the company has re-appointed Gautam Singhania as Managing Director for a period of five years.
The redevelopment project, spanning 2 acres, is situated in one of Mumbai’s most coveted residential areas. Raymond estimates the project to yield revenue exceeding Rs 2,000 crore over the project duration.
The company emphasized its commitment to pursuing the project after securing all requisite internal and external approvals, aligning with its real estate development growth strategy in the Mumbai Metropolitan Region.
This marks Raymond’s fourth project in Mumbai city, expanding its footprint beyond the existing development in Thane.
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