Raymond’s shares experienced an impressive 10% surge on September 5th, closing the day at Rs 2,164, marking a 9.42% increase.
During trading hours, the stock reached a record high of Rs 2,240.
Investors are showing keen interest in the stock, driven by optimistic expectations for robust earnings in the second half of the 2023-24 financial year.
Management’s Optimism
The company’s management is hopeful, anticipating a boost in consumer demand during the latter half of the year due to the upcoming festive and wedding season.
Raymond Group has achieved a significant milestone by becoming debt-free following the sale of its FMCG business.
Brokerage Views
Leading brokerage firm Motilal Oswal Financial Services (MOFSL) has issued a ‘Buy’ rating for Raymond’s stock and initiated coverage with a target price of Rs 2,600 per share.
Similarly, analysts at Jefferies are bullish on Raymond, giving it a ‘BUY’ rating with a target price of Rs 2,600 based on SOTP analysis.
About Raymond
Raymond is India’s largest integrated worsted suiting manufacturer, offering comprehensive solutions for fabrics and apparel.
Some of the notable brands under its umbrella include ‘Raymond Ready to Wear,’ ‘Park Avenue,’ ‘Colourplus,’ ‘Parks,’ ‘Raymond Made to Measure,’ and ‘Ethnics by Raymond.’
Raymond has also entered the realty sector with its first project, Ten X Habitat, spanning 14 acres and featuring approximately 3,100 residential units.
Subsequently, they launched a premium residential project, The Address by GS Housing, comprising approximately 550 residential units.
